Orange County NC Website
29 <br />PAYMENT BOND <br />KNOW ALL MEN BY THESE PRESENT: that <br />(Name of Contractor) <br />(Address of Contractor) <br />hereinafisr-called. Principal, and <br />(Name of Surety)_ <br />(Address of Surety) ' <br />hereinafter called Surety, are held and firmly bound unto ORANGE COUNTY, 200 South Cameron Street, <br />Hillsborough, North Carolina, 27278, hereinafter called OWNER, in -the penal sum of <br />Dollars ($ ) in lawful money of the United States, for <br />the Payment of which sum well and truly to be made, we bind ourselves, successors, and assigns, jointly and <br />severally, firmly by these presents. <br />THE CONDITION OF THIS OBLIGATION is such that whereas, the Principal entered into a certain contract with <br />the OWNER, dated the day of , 20 , a copy <br />of which is hereto attached and made a part hereof for the construction of <br />NOW THEREFORE, if the Principal shall promptly make payment to all- persons, firms, SUBCONTRACTORS, <br />and- corporations fumishing-materials for or performing labor- in the prosecution of the WORK provided for in such <br />contract, and any authorized extension or modification thereof; including all amounts -due for materials, lubricants, <br />oil, gasoline, coat and coke, repairs -on machinery; equipment and took, consumed or used in connection with the <br />construction of such WORK, and insurance premiums on said WORK, and for alI' labor, performed in such WORK <br />whether by SUBCONTRACTOR or otherwise, then this obligation shall be void, otherwise to remain in full force <br />and effect. <br />PROVIDED, FURTHER, that the said Surety for value received hereby stipulates -and agrees that no change, - <br />extension of time, alteration or addition to the terms of the contract or to WORK to be performed thereunder- or-the <br />SPECIFICATIONS accompanying the same shall in any -wise affect its obligation on this BOND, and it does hereby <br />waive notice of any such change, extension of time, alteration or addition to the terms of the contract or to the <br />WORK or to the SPECIFICATIONS. <br />PROVIDED; FURTHER, that no final settlement between the OWNER and the CONTRACTOR shall abridge the <br />right of any beneficiary hereunder, whose claim may be unsatisfied. <br />119 <br />