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CITY OF SAN ANTONIO Project Name: 2018 Asphalt Overlay Contract Package 3 ID NO.:230176003Date Issued: August 30, 2017-Page 1 of 1The estimated construction budget for this contract is $9,000,000.00020
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Payment bond on webapp1sanantoniogov is typically needed by contractors, subcontractors, or suppliers who are working on public projects in San Antonio, Texas. It provides financial protection to the project owner, ensuring that the contractors and suppliers will be paid for their work and materials. It also helps to prevent any potential disputes or delays in payment.
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A payment bond is a contract that guarantees that a contractor will pay their subcontractors and suppliers for services and materials provided for a project.
Typically, contractors who undertake public construction projects are required to file a payment bond to ensure that payments are made to all stakeholders involved in the project.
To fill out a payment bond, one must provide all required information, including the project details, the amount of the bond, contractor and surety information, and signatures from all parties involved.
The purpose of a payment bond is to protect subcontractors and suppliers by ensuring they will be paid for their work, providing financial security for all parties involved in a construction project.
Information that must be reported on a payment bond includes the contractor's name, address, bond amount, surety company's details, and project description.
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