DIY Legal Forms

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Payment Bond

BY THIS BOND, We [Names] as Principal, and [Name], a corporation, as Surety, are bound to [Name], herein called Owner, in the sum of $------, for the payment of which we bind ourselves, our heirs, personal representatives, successors, and assigns, jointly and severally.

The Condition Of This Bond is that if Principal:

1. Promptly makes payments to all lienors supplying labor, material, and supplies used directly or indirectly by Principal in the prosecution of the work provided in the contract dated [Date], between Principal and Owner for construction of [Describe], the contract being made a part of this bond by reference; and

2. Pays Owner all loss, damage, expenses, costs and attorney's fees, including appellate proceedings, that Owner sustains because of default by Principal under paragraph 1. of this bond;

then this bond is void; otherwise, it remains in full force.

Any changes in or under the contract documents and compliance or noncompliance with formalities connected with the contract or with the changes do not affect Surety's obligation under this bond.

Dated:

_______________________

Principal

________________________

Surety, by ____________, its Attorney in fact or Agent

*** If Required By State Law ***

This Section for Notary:

ACKNOWLEDGMENT

State of _________

County of ________ [COUNTY]

On [DATE] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Invoved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

Witness my hand and official seal.

Signature ________
Notary

My commission expires: _____

(Seal)