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<br />LABOR AND MATERIALS PAYMENT BOND
<br />
<br />KNOW ALL MEN BY THESE PRESENTS: That we, the undersigned,
<br />as Principal, and a
<br />duly organiz-ed" under the laws of the State of
<br />,licensed to do business in the State of Colorado,
<br />as Surety, are hereby held and firmly bound unto , as
<br />Obl igee, in the sum of , Dollarsl$ ) for the
<br />payment of which sum well and truly to be madf' , the Principal and Surety bind
<br />ourselves, our heirs, executors, administrators, successors and assigns, jointly
<br />and severally, firmly by these presentS.
<br />
<br />WHEREAS, the above-named Principal and Obl igee have executed a Contract
<br />dated , for the construction of
<br />(hereinafter Contract), which is by reference lTIaCieapart" hereof.
<br />
<br />PROVIDED, FURTHER, that the said surety, f~r value received hereby stipulates
<br />and agrees that no change, extension of time, alteration or addition to the terms
<br />of the Contract or to the Work to be performed thereunder or to the Specifications
<br />accompanying the same shall in any wise affect its obI igation of this bond, and
<br />it does hereby waive notice of any such change, extension of time, alteration or
<br />addition to the terms of the Contractof or to the Hork or to the Speci fications.
<br />
<br />NOW, THEREFORE, the condition of this obligation is such that, if the
<br />Principal sha1l promptly make payment to all claimants as hefeinafter defined,
<br />for all labor and materials used or reasonably required fOf the use in the
<br />performance of the Contract, then thiS obligdion shall be void; otherwise it
<br />shall remain in full force and effect, subject to the following conditions:
<br />
<br />(1) A claimant shall be defined as one having a direct Contract with the
<br />Principal or with a Subcontractor of the Principal fOf labor', material,
<br />or both, used or reasonable requ"ired for use in the performance of the
<br />Contract; labor and material being construed to include that part of
<br />water, gas, power, 1 ight, heat, 01"1, gasoline, telephone service or
<br />rental equipment directly applicable to the Contract.
<br />
<br />(2) The above-named Principal and Surety hereby jointly and severally agree
<br />with the Obligee that every claimant, as herein defined, who has not
<br />been paid in full before the expiration of ninety (90) days after the
<br />date on which the last of such claimant's work or "labor was done Qr
<br />performed, or materials were furnished by such claimant, may sue on
<br />this Bond for the use of such claimant, prosecute the suite to final
<br />judgement for sums as may be justly due claimant, and have execution
<br />thereon. The Obligee shall not be liable for the payment of any costs
<br />or expenses of any ~uch suit, ~nd the Surety hereby agrees to pay and
<br />defend the Owner agalnst any clalms brought under this Bond and indemnify
<br />the Owner for any judgments.
<br />
<br />MPB - 1
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