The Texas Maintenance Bond form is a legal document that ensures the quality of construction work performed by a contractor. It holds the contractor and their surety liable for repairing any defects in workmanship for a period of one year after the project is completed and accepted by the city. This bond is crucial for protecting municipal interests and ensuring that public improvements meet required standards.
The Texas Maintenance Bond form is an essential legal document that ensures accountability in construction projects within the state. This bond is executed by a Principal, typically a contractor, and a Surety, which is a corporation authorized to issue bonds. Together, they commit to the City of Plano, Texas, to uphold certain standards regarding public improvements linked to a specific development. The bond guarantees that the Principal will address any defective or faulty workmanship for a period of one year following the completion and acceptance of the work by the city. By specifying a monetary amount, the bond provides financial assurance that the obligations will be met. The form includes vital details such as the names and addresses of the parties involved, the nature of the work, and the necessary legal stipulations. It is important to note that the bond must be executed on the same date as the underlying contract, ensuring that all parties are aligned in their commitments. This document serves not only as a safeguard for the city but also as a means of fostering trust between developers and the community.
MAINTENANCE BOND
STATE OF TEXAS
§
KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF COLLIN
That ______________________________ of the City of ________________,
County of _________________ and State of Texas, (called "Principal"), and
_______________________________, a corporation organized and existing
under the laws of the State of Texas to act as surety on bonds for principals, (called "Surety"), are held and firmly bound unto the CITY OF PLANO, TEXAS, a Home Rule Municipal Corporation (called "City"), in the amount of
___________________________________ DOLLARS ($__________________), in
lawful money of the United States, to be paid in Plano, Collin County, Texas for the payment of which, the Principal and Surety bind themselves, and their heirs, administrators, executors, successors and assigns, jointly and severally, firmly by these presents:
WHEREAS, the Principal has entered into a contract (called "Contract") with
__________________________________ (called "Developer") dated the ____ day of
________________, ______, which among other things calls for the construction of
certain public improvements (called "Work"), which inure to the benefit of the City, such public improvements being in connection with development of
___________________________________, an addition or subdivision incorporated
hereby reference and which public improvements are listed on Exhibit "A" attached hereto and incorporated herein by reference; and
WHEREAS, under the terms of the specifications of the Work, the Principal is required to give a bond in the amount specified hereinabove to guarantee the replacement and repair of defective or faulty workmanship furnished or installed by the Principal for a period of one (1) year, from and after the date the Work is completed by Principal and accepted by the City.
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the Principal shall for a period of one (1) year, from and after the date the Work is completed by the Principal and accepted by the City, replace and repair any and all defective or faulty workmanship in the Work, then the above obligation shall be void; otherwise, the said obligation shall remain in full force and effect.
Venue for any action to enforce this Bond shall be Collin County, Texas
DD/Forms:Bond-Maintenance (PD-2002)
Page 1
IN WITNESS WHEREOF, the said Principal and Surety have signed and sealed this instrument this ____ day of ________________, ______.
Principal
Surety
By:
______________________
Title:
Address:
_______________________
________________________
The name and address of the Resident Agent of Surety is:
Name:
______________________________________________________
City, State, Zip
____________
For additional information on the above named Surety company you may contact the Texas Department of Insurance at (800)578-4677.
NOTE: Date on Page 1 of Maintenance Bond must be same date as Contract. Date on Page 2 of Maintenance Bond must be after the date of Contract. If Resident Agent is not a corporation, give a person's name.
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