Payment Bond - 261

This standard payment bond form is to be used with the ConsensusDocs 200 and 500 families of documents. This standard performance bond form was developed and endorsed by SFAA and NASBP. This payment bond addresses the surety’s obligations as the guarantor to pay the Owner, who is the obligee of the Constructor (aka builder, general contractor, design-bid-builder, construction manager). This is a short one-page document establishing the maximum amount promised by the surety as the bond sum or penal sum. This document establishes a 90-day period for claimants who have not been paid to make a claim to the surety. This is considered an administrative contract document.