Form Hud-92452-A - Payment Bond printable pdf download

OMB Approval No. 2502-0470

U.S. Department of Housing

Payment Bond

and Urban Development

(Expires 8/31/2013)

Office of Housing

Federal Housing Commissioner

(This Bond is issued simultaneously with Performance Bond in

Project Number:

favor of Owner conditioned on the full and faithful performance of

the contract)

Know All Men By These Presents, that we,

____________________________________________________________ of

_____________________________________________________________________________________________________________________

as Principal, (hereinafter called the Principal) and___________________________________________

_________________________________, a _____________________________________________________________ as

Surety, (hereinafter called the Surety) are held and firmly bound unto ________________________________________________

as Obligee, (hereinafter called the “Owner”), for the use and benefit of claimants as hereinafter defined, in the sum of

_______________________________________ Dollars

$ __________, lawful money of the United States of America,

for the payment of which Principal and Surety bind themselves, their heirs, executors, administrators, successors and assigns,

jointly and severally, firmly by these presents.

Whereas, Principal has entered into a Construction Contract dated ___________________________ with Owner for the construc-

tion of a Housing Project designated as ____________________________________________________ a copy of which Construc-

tion Contract is by reference made a part hereof; and is hereinafter referred to as the Contract.

Now, therefore, the conditions of this obligation is such that,

within ninety (90) days after such claimant did or performed the

if Principal shall promptly make payment to all claimants as

last of the work or labor, or furnished the last of the materials for

hereinafter defined, for all labor and material used or reasonably

which said claim is made, stating with substantial accuracy the

required for use in the performance of the Contract, then this

amount claimed and the name of the party to whom the materials

obligation shall be void; otherwise it shall remain in full force and

were furnished, or for whom the work or labor was done or

effect, subject, however, to the following conditions:

performed. Such notice shall be served by mailing the same by

registered mail or certified mail, postage prepaid, in an envelope

1. A Claimant is defined as one having a direct contract with the

addressed to the Principal, Owner or Surety, at any place where

Principal or with a subcontractor of the Principal for labor,

an office is regularly maintained for the transaction of business,

material, or both, used or reasonably required for use in the

or served in any manner in which legal process may be served in

performance of the contract, labor and material being construed

the state in which the aforesaid project is located, save that such

to include that part of water, gas, power, light, heat, oil, gasoline,

service need not be made by a public officer.

telephone service or rental of equipment directly applicable to the

b) After the expiration of one (1) year following the date on

Contract.

which Principal ceased work on said Contract, it being under-

2. The above name Principal and Surety hereby jointly and

stood, however, that if any limitation embodied in this bond is

severally agree with the Owner that every claimant as herein

prohibited by any law controlling the construction hereof, such

defined, who has not been paid in full before the expiration of a

limitation shall be deemed to be amended so as to be equal to the

period of ninety (90) days after the date on which the last of such

minimum period of limitation permitted by such law.

claimant’s work or labor was done or performed, or materials were

c) Other than in a state court of competent jurisdiction in and

furnished by such claimant, may sue on this bond for the use of

for the county or other political subdivision of the state in which

such claimant, prosecute the suit to final judgment for such sum

the project, or any part thereof, is situated, or in the United States

or sums as may be justly due claimant, and have execution

District Court for the district in which the project, or any part

thereon. The Owner shall not be liable for the payment of any

thereof, is situated, and not elsewhere.

costs or expenses of any such suit.

4. The amount of this bond shall be reduced by and to the extent

3. No suit or action shall be commenced hereunder by any

of any payment or payments made in good faith hereunder,

claimant:

inclusive of the payment by Surety of mechanics’ liens which may

be filed of record against said improvement, whether or not claim

a) Unless claimant, other than one having direct contract with

for the amount of such lien be presented under and against this

the Principal, shall have given written notice to any two of the

bond.

following: The Principal, the Owner, or the Surety above named,

Signed and Sealed this ___________________________________ day of _______________________________, 20_______.

Witness as to Principal:

(Seal)

(Principal)

By:

(Surety)

By:

form HUD-92452-A (1/24/2006)

ref. Handbook 4571.1

Page 1 of 2

Form Hud-92452-A - Payment Bond

Related Articles

Related forms

Related Categories