Bond of Contractor
Know all people by these presents that we, _________[contractor] of _________[address], called principal, and _________[surety or sureties] of _________[address], as surety [or "sureties"], called surety [or "sureties"] are held and firmly bound to _________[owner] of _________[address], called the owner, in the sum [or "penal sum"] of _________ dollars ($_____), to be paid to _________, or to his [her] executors, administrators or assigns, for the payment of which we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
The principal has, by a written agreement, dated _________[date], entered into a contract with the owner for the building and construction of a _________ building, in _________, according to the plans and specifications prepared by _________, architect, which is more fully set out in the contract, and a copy of which agreement is attached to and made a part of this instrument.
The condition of this obligation is such that if the principal shall faithfully perform the contract on his [her] part, complete the building free and clear of all liens and/or claims for labor, incumbrances, material claims or otherwise, and satisfy all claims and demands incurred for the same, and shall fully indemnify and save harmless the owner from all cost and damages, of every kind and character, which he [she] or it may suffer by reason of a failure to do so, and shall fully reimburse and pay the owner all outlay and expenses, of every kind and character, which the owner may incur in making good any such default, and shall pay all persons for labor and/or material, then this obligation shall be null and void, otherwise it shall remain in full force and effect.
[Insert any provisions desired as to time limit for suing on bond, what shall or shall not release the obligors or the surety, etc.]
Signed and sealed _________[date].