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Texas Contract - Payment / Performance

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Texas Contract – Payment / Performance
The process of applying for a Texas Contract - Payment / Performance Surety Bond is a quick and straightforward process, typically taking only about five minutes from start to finish.

  • The Texas Contract outlines the terms and conditions related to payment and performance obligations between the contracting parties, including the Obligee. It specifies the payment schedule, including due dates and acceptable methods of payment, and details the performance standards required to fulfill the contract. The document also addresses potential issues such as delays, non-performance, and remedies available to both parties, including the Obligee, in case of breaches. Additionally, it includes clauses on dispute resolution, indemnification, and termination conditions to ensure that both parties, as well as the Obligee, are protected and understand their responsibilities throughout the contract's duration.

To purchase your Texas Contract - Payment / Performance simply click on the "Buy Now" button. You will then be guided through a brief set of questions. After which you'll pay online and sign using DocuSign. Your new surety bond will be signed and sealed as a full-color PDF document for printing.

Securing a Texas Contract - Payment / Performance surety bond is a commitment by principals to adhere to the stipulations of contractual and legal obligations.

Note: If the bond requires underwriting, it may take up to 24 hours.
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The State of TX

Surety Bond Details

State: TX
Category:
Class:
Obligee: Generic Obligee
Amount: Varies

Cost: Varies

The State of TX
State:
TX
Category:
Obligee:
Generic Obligee
Amount:
Varies
Duration:
Expiration:
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Texas Contract - Payment / Performance Details

Texas has specific requirements for payment and performance bonds in public construction projects, which are outlined in the Texas Government Code, Chapter 2253. Here are the key points:

Performance and Payment Bonds

  • General Requirements: Public work contracts exceeding $100,000 require a performance bond, while those exceeding $25,000 or $50,000 (depending on the entity) require a payment bond[1].
  • Performance Bond: This bond is for the protection of the state or governmental entity and must be in the amount of the contract. It ensures the faithful performance of the work according to the plans, specifications, and contract documents[1].
  • Payment Bond: This bond is for the protection and use of payment bond beneficiaries who have a direct contractual relationship with the prime contractor or a subcontractor. It must also be in the amount of the contract[1].

Payment Provisions

  • Prompt Payment Requirements: Prime contractors must pay subcontractors within 10 days of receiving payment from the public agency for satisfactory performance under the subcontract[2].
  • Private Projects: On private construction projects, the general contractor has 7 days to pay their subcontractors and suppliers after receiving payment from the property owner[3].
  • Public Projects: On public construction projects, the general contractor has 10 days to pay their subcontractors and suppliers after receiving payment from the public agency[3].

Dispute Resolution

  • Nonpayment Complaints: If a subcontractor is not paid on time, they can file a written complaint with the appropriate Area Engineer, including evidence of attempts to resolve the issue with the prime contractor and surety[2].
  • Administrative Action: If the prime contractor fails to comply with the contract payment requirements, TxDOT may initiate administrative action to bring the contract into compliance. However, if a bona fide dispute exists, TxDOT will advise the prime contractor to work with the subcontractor to resolve the dispute[2].

Additional Resources

  • Disadvantaged Business Enterprise (DBE) Resources: DBE subcontractors may contact the Civil Rights Division for additional assistance[2].
  • Prompt Payment Act: The Texas Prompt Payment Act provides specific rules and requirements for prompt payment on construction projects, including penalties for late payments[4][3].

These regulations ensure timely and fair payment practices on public construction projects in Texas.

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