Paving Program Repair, Resurfacing and Reconstruction of Various Streets, City of Annapolis, MD

P A Y M E N T B O N D Bond Number____________

Principal Business Address of Principal

__________________________________________________ Obligee: CITY OF ANNAPOLIS, MARYLAND

Surety A municipal corporation of the State of Maryland

A Entity of the State of __________________________ and authorized to do business in Maryland

_______________________________________________________________DOLLARS $________________________________ Penal Sum of Bond (express in words and figures)

_______________________________________________________ ____ ________________ 20 _____________

Contract Name Date of Contract

__________________________________ _ ________________________ 20 _________

Contract Number Date Bond Executed __________________________________________________________________________________________________________

KNOW ALL MEN BY THESE PRESENTS, that we, the PRINCIPAL, above-named, and SURETY, above-named, and authorized to do business in the State of Maryland, are held and firmly bound unto the OBLIGEE, above-named, in the penal sum of the amount stated above, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.

WHEREAS, THE PRINCIPAL entered into a certain contract with the OBLIGEE described and dated as shown above and is required to provide this bond pursuant to Maryland State law and/or City Law and the contract.

NOW, THEREFORE, the condition of this obligation is such that if the aforesaid PRINCIPAL shall promptly make payments to all persons supplying labor, material, and/or rental equipment to the PRINCIPAL and to any subcontractor of the PRINCIPAL in the prosecution of the work provided for in said contract, and/or used or consumed in the performance of said contract, and any and all duly authorized modifications of said contract that may hereafter be made, then, this obligation to be void; otherwise to remain in full force and effect.

THE SURETY FURTHER GUARANTEES that it is rated "B" or better by the A.M. Best Company, and the contract bid amount must be less than or equal to the underwriting limitation contained in the Department of Treasury Circular 570 as amended at the time of underwriting.

THE SURETY EXPRESSLY WAIVES any right to receive notice of extensions of time, or modifications of the contract which are provided for and made pursuant to the terms of said contract.

PROVIDED, HOWEVER, anything in said contract to the contrary notwithstanding, this bond is executed upon and subject to the express conditions and limitations of the State Finance and Procurement Article of the Annotated Code of Maryland, as of the date of the contract.

IN WITNESS WHEREOF, the above-bounded parties have executed this instrument under their several seals on the date indicated above, the name and seal of each party being hereto affixed and these presents duly signed by its undersigned representative, pursuant to authority of its governing body.

_____________________________________________________________________________________________________ ________

In Presence of: Individual Principal

Witness: ____________________________________ as to: __________________________________ (SEAL)

Print Name: _________________________________ Print Name: ________________________________________

_____________________________________________________________________________________________________________

Attest: Corporate Principal

(Name of Corporation)

Witness: _____________________________________ By: ___________________________________________ Affix

Print Name: __________________________________ Print Name: ___________________________________ Corporate

Title: _________________________________________ Seal

_____________________________________________________________________________

Attest: Surety

(Name of Surety)

Business Address: ________________________________________________________________________________________________

Witness: _____________________________________ By: ___________________________________________ Affix

Print Name: __________________________________ Print Name: ___________________________________ Corporate

Title: _________________________________________ Seal

Reviewed for City of Annapolis Requirements

Office of the City Attorney