Exhibit I ITB NO. 24-101659
Sample Contract
Page 97 of 124
ATTACHMENT H
(Consisting of 3 pages)
PAYMENT BOND AND ACCOMPANYING POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that [Insert name
of contractor] (hereinafter called the “Principal”) and [Insert name of surety] (hereinafter
called the “Surety”), are held and firmly bound unto __________ County, (hereinafter
called the “County”), its successors and assigns as obligee, in the penal sum of
________________________[Insert contract amount], lawful money of the United States of
America, for the payment of which the Principal and the Surety bind themselves, their
administrators, executors, successors, and assigns, jointly and severally, firmly by these presents.
WHEREAS, the Principal has entered, or is about to enter, into a certain written contract
with the County, awarded by the DeKalb County Governing Authority on [insert date of award]
which is incorporated herein by reference in its entirety (hereinafter called the “Contract”),
for the construction of a project known as ITB 24-101659 2024 LMIG Road Resurfacing
Projects, as more particularly described in the Contract (hereinafter called the “Project”);
NOW, THEREFORE, the condition of this obligation is such that if the Principal shall
promptly make payment to all persons working on or supplying labor or materials under the
Contract, and any amendments thereto, with regard to labor or materials furnished and used in
the Project, and with regard to labor or materials furnished but not so used, then this obligation
shall be void; but otherwise it shall remain in full force and effect.
1.
A “Claimant” shall be defined herein as any Subcontractor, person, party, partnership,
corporation or other entity furnishing labor, services, or materials used, or reasonably
required for use, in the performance of the Contract, without regard to whether such
labor, services, or materials were sold, leased, or rented, and without regard to whether
such Claimant is or is not in privity of contract with the Principal or any Subcontractor
performing work on the Project, including, but not limited to, the following labor, services,
or materials: water, gas, power, light, heat, oil, gasoline, telephone service, or rental of
equipment directly applicable to the Contract.
2. In the event a Claimant files a claim against the County, or the property of the County, and
the Principal fails or refuses to satisfy or discharge it promptly, the Surety shall satisfy
or discharge the claim promptly upon written notice from the County, either by bond or as
otherwise provided in the Contract.
3. The Surety hereby waives notice of any and all modifications, omissions, additions,
changes, alterations, extensions of time, changes in payment terms, and any other
amendments in or about the Contract and agrees that the obligations undertaken by this
bond shall not be impaired in any manner by reason of any such modifications, omissions,
additions, changes, alternations, extensions of time, changes in payment terms, and
amendments.
4. The Surety hereby agrees that this Bond shall be deemed amended automatically and
immediately, without formal or separate amendments hereto, upon any amendment or