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Statutory Payment Bond - City of Houston, Texas
Statutory Payment Bond is a legal document that was released by the Public Works Department - City of Houston, Texas - a government authority operating within Texas. The form may be used strictly within City of Houston.
FAQ
Q: What is a Statutory Payment Bond?A: A Statutory Payment Bond is a type of bond required by the City of Houston, Texas.
Q: Who requires the Statutory Payment Bond in Houston, Texas?A: The City of Houston, Texas requires the Statutory Payment Bond.
Q: What is the purpose of a Statutory Payment Bond in Houston, Texas?A: The purpose of a Statutory Payment Bond in Houston, Texas is to provide assurance that subcontractors and suppliers will be paid for their work on a construction project.
Q: Who is obligated to obtain a Statutory Payment Bond in Houston, Texas?A: The principal contractor or the party responsible for the construction project is obligated to obtain a Statutory Payment Bond in Houston, Texas.
Q: What happens if the subcontractors or suppliers are not paid on a construction project in Houston, Texas?A: If the subcontractors or suppliers are not paid on a construction project in Houston, Texas, they can make a claim against the Statutory Payment Bond to seek compensation.
Q: How does a Statutory Payment Bond protect subcontractors and suppliers in Houston, Texas?A: A Statutory Payment Bond protects subcontractors and suppliers in Houston, Texas by providing a source of payment if they are not paid by the principal contractor.
Q: Are there any specific requirements for the Statutory Payment Bond in Houston, Texas?A: Yes, there are specific requirements for the Statutory Payment Bond in Houston, Texas. These requirements may include the bond amount, the form and content of the bond, and the timing of bond submission.
Q: Is a Statutory Payment Bond the same as a Performance Bond?A: No, a Statutory Payment Bond is not the same as a Performance Bond. While a Performance Bond ensures that the contractor will complete the project according to the contract, a Statutory Payment Bond ensures that subcontractors and suppliers will be paid for their work.
Form Details:
- The latest edition currently provided by the Public Works Department - City of Houston, Texas;
- Ready to use and print;
- Easy to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a printable version of the form by clicking the link below or browse more documents and templates provided by the Public Works Department - City of Houston, Texas.
Download Statutory Payment Bond - City of Houston, Texas
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