Advance payment bond—construction project
Produced in partnership with Kennedys

The following Construction precedent produced in partnership with Kennedys provides comprehensive and up to date legal information covering:

  • Advance payment bond—construction project

Advance payment bond—construction project

SCHEDULE

Bond Number [insert]

Dated:

Parties

  1. 1

    The Employer: [insert] incorporated in [England and Wales] (Company Number [insert]) whose registered office is at [insert].

  1. 2

    The Contractor: [insert] incorporated in [England and Wales] (Company Number: [insert]) whose registered office is at [insert].

  1. 3

    The Surety: [insert] incorporated in [England and Wales] (Company Number [insert]) whose registered office is at [insert].

    1. (A)

      The Building Contract: The contract dated [insert] between the Employer and the Contractor for the construction of [insert] (the “Works”).

    1. (B)

      The Advance Payment: £[insert] to be paid by the Employer to the Contractor under clause [insert] of the Building Contract.

    1. (C)

      Maximum Bond Amount: The aggregate amount of £[insert] less an amount equivalent to any amount(s) of the Advance Payment that may from time to time be repaid by the Contractor to the Employer.

    1. (D)

      Expiry Date: [The date of practical completion/making good defects of the Works in accordance with the Building Contract/other long stop date]

    1. (E)

      Insolvent/Insolvency: [Insert corresponding definition from the Building Contract]

This Advance Payment Bond (the “Bond”) comprises the Schedule attached at the beginning of this document and the following terms and conditions.

    1. 1

      Words and phrases defined in the Schedule shall have the same meaning in these terms and conditions.

    1. 2

      The Employer has appointed the Contractor to carry out the Works on and subject to the terms of the Building Contract. The Employer has agreed to

Popular documents