Contents
Form Example
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MAINTENANCE BOND |
STATE OF TEXAS |
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KNOW ALL MEN BY THESE PRESENTS: |
COUNTY OF COLLIN |
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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
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IN WITNESS WHEREOF, the said Principal and Surety have signed and sealed this instrument this ____ day of ________________, ______.
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Principal |
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Surety |
By: |
______________________ |
By: |
______________________ |
Title: |
______________________ |
Title: |
______________________ |
Address: |
_______________________ |
Address: |
________________________ |
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_______________________ |
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________________________ |
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_______________________ |
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________________________ |
The name and address of the Resident Agent of Surety is:
Name: |
______________________________________________________ |
Address: |
______________________________________________________ |
City, State, Zip |
______________________________________________________ |
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For additional information on the above named Surety company you may contact the Texas Department of Insurance at
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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Common mistakes
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Incorrect Dates: One common mistake is failing to ensure that the date on Page 1 of the Maintenance Bond matches the date of the contract. Additionally, the date on Page 2 must be after the contract date. This inconsistency can lead to complications.
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Missing Signatures: All required signatures must be present. The Principal and Surety need to sign and seal the document. Neglecting this step can render the bond invalid.
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Improper Amount: The bond amount must be clearly stated in both words and numbers. An error in this figure can create misunderstandings regarding financial obligations.
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Incomplete Information: Ensure that all blanks are filled in completely. Missing information, such as the name of the Developer or the address of the Surety, can delay processing.
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Wrong Surety Information: The Surety must be a corporation organized under Texas law. Using an unqualified Surety can lead to the bond being deemed invalid.
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Incorrect Venue: The bond specifies that any enforcement action must occur in Collin County, Texas. Failing to adhere to this requirement can complicate legal proceedings.
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Not Notifying the Resident Agent: If the Resident Agent is not a corporation, it is essential to provide a person's name. Omitting this detail can lead to communication issues with the Surety.
Key takeaways
Here are key takeaways regarding the Texas Maintenance Bond form:
- The form requires the Principal's name, the city, county, and state where the Principal is located.
- A Surety, which is a corporation authorized in Texas, must be named and provide its details.
- The bond amount must be clearly stated in both words and numbers.
- It is essential to reference the Developer's name and the specific contract date.
- Public improvements related to the contract must be listed in Exhibit "A," which should be attached to the bond.
- The bond guarantees the replacement and repair of defective workmanship for one year after the work is completed and accepted by the City.
- If the Principal fulfills their obligations, the bond becomes void; otherwise, it remains in effect.
- All parties must sign and date the bond, ensuring the date on the first page matches the contract date.
- For any questions about the Surety, contact the Texas Department of Insurance at the provided number.
Steps to Using Texas Maintenance Bond
Filling out the Texas Maintenance Bond form requires attention to detail to ensure all necessary information is correctly provided. Once completed, the form serves as a guarantee for the replacement and repair of any defective work performed under a contract. Follow the steps below to accurately fill out the form.
- Begin by entering the name of the Principal in the first blank space provided.
- In the next blank, specify the City where the Principal is located.
- Fill in the County where the Principal resides in the following space.
- Identify the Surety by entering the name of the corporation acting as surety on bonds.
- In the amount section, write the total dollar amount of the bond in both words and figures.
- State the name of the Developer with whom the Principal has a contract.
- Enter the date of the contract in the designated spaces.
- Provide the name of the addition or subdivision related to the public improvements.
- Attach and reference Exhibit "A" that lists the public improvements.
- Sign and date the form in the space provided for both the Principal and Surety.
- Fill in the title of the person signing for both the Principal and Surety.
- Complete the address fields for both the Principal and Surety.
- Provide the name and address of the Resident Agent of the Surety, including City, State, and Zip code.
Ensure that the date on the first page of the Maintenance Bond matches the date of the Contract. The date on the second page must be after the date of the Contract. If the Resident Agent is not a corporation, include a person's name in the appropriate space.