Payment Bond Form - State Of Delaware printable pdf download

STATE OF DELAWARE

PAYMENT BOND

Bond Number: ___________________

KNOW ALL PERSONS BY THESE PRESENTS, that we, ____________________, as principal

(“Principal”), and __________________, a ____________________ corporation, legally

authorized to do business in the State of Delaware, as surety (“Surety”), are held and firmly bound

unto the ______________________________________________ (“Owner”) (insert State agency

name), in the amount of _________________ ($___________), to be paid to Owner, for which

payment well and truly to be made, we do bind ourselves, our and each and every of our heirs,

executors, administrations, successors and assigns, jointly and severally, for and in the whole firmly

by these presents.

Sealed with our seals and dated this _____________ day of____________, 20__.

NOW THE CONDITION OF THIS OBLIGATION IS SUCH, that if Principal, who has been

awarded by Owner that certain contract known as Contract No. ____________dated the _______

day of _____________, 20__ (the “Contract”), which Contract is incorporated herein by reference,

shall well and truly pay all and every person furnishing materials or performing labor or service in

and about the performance of the work under the Contract, all and every sums of money due him,

her, them or any of them, for all such materials, labor and service for which Principal is liable,

shall make good and reimburse Owner sufficient funds to pay such costs in the completion of the

Contract as Owner may sustain by reason of any failure or default on the part of Principal, and

shall also indemnify and save harmless Owner from all costs, damages and expenses arising out of

or by reason of the performance of the Contract and for as long as provided by the Contract; then

this obligation shall be void, otherwise to be and remain in full force and effect.

Surety, for value received, for itself and its successors and assigns, hereby stipulates and agrees that

the obligation of Surety and its bond shall be in no way impaired or affected by any extension of

time, modification, omission, addition or change in or to the Contract or the work to be performed

thereunder, or by any payment thereunder before the time required therein, or by any waiver of any

provisions thereof, or by any assignment, subletting or other transfer thereof or of any work to be

performed or any monies due or to become due thereunder; and Surety hereby waives notice of any

and all such extensions, modifications, omissions, additions, changes, payments, waivers, things

done and omitted to be done by and in relation to assignees, subcontractors, and other transferees

shall have the same effect as to Surety as though done or omitted to be done by or in relation to

Principal.

Surety hereby stipulates and agrees that no modifications, omission or additions in or to the terms

of the Contract shall in any way whatsoever affect the obligation of Surety and its bond.

Payment Bond Form - State Of Delaware