NOW, THEREFORE, if the Principal in all respects complies with the terms and conditions of the Contract and his (their or its) obligations thereunder, including specifications therein referred to and made a part thereof and any alteration made in such specifications as herein or therein provided, then this obligation is void, but otherwise remains in full force and effect. A further condition of this bond is that in the event the Principal fails to pay all just claims and demands on the part of any employee, person, firm or corporation for labor and materials furnished for or used in connection with the prosecution of the work under the Contract, or fails to pay any tax which may accrue to the State of South Dakota under the provisions of the "Use Tax Act of 1939 and The Excise Tax on Realty Improvements under SDCL 10-46A," and Sections 5-21-3 and 5-21-4 of the South Dakota Codified Laws, this bond and the sureties thereon shall be responsible to such person, firm or corporation and to the State of South Dakota for the full payment of the value of such labor and materials so furnished, including payment of South Dakota use taxes and excise taxes on realty improvements. SIGNED AND SEALED THIS DAY OF , 20 . INDIVIDUAL PRINCIPAL By Typed Name (Affix Seal if available) PARTNERSHIP, CORPORATE, OR LLC PRINCIPAL By Typed Name Title Business Name (Affix Corporate Seal if available) Address INDIVIDUAL, PARTNERSHIP OR CORPORATE SURETY By Typed Name Title Business Name (Affix Corporate Seal if available)
NOW, THEREFORE, if the Principal in all respects complies with the terms and conditions of the Contract and his (their or its) obligations thereunder, including specifications therein referred to and made a part thereof and any alteration made in such specifications as herein or therein provided, then this obligation is void, but otherwise remains in full force and effect. A further condition of this bond is that in the event the Principal fails to pay all just claims and demands on the part of any employee, person, firm or corporation for labor and materials furnished for or used in connection with the prosecution of the work under the Contract, or fails to pay any tax which may accrue to the State of South Dakota under the provisions of the "Use Tax Act of 1939 and The Excise Tax on Realty Improvements under SDCL 10-46A," and Sections 5-21-3 and 5-21-4 of the South Dakota Codified Laws, this bond and the sureties thereon shall be responsible to such person, firm or corporation and to the State of South Dakota for the full payment of the value of such labor and materials so furnished, including payment of South Dakota use taxes and excise taxes on realty improvements. SIGNED AND SEALED THIS DAY OF , 20 . INDIVIDUAL PRINCIPAL By Typed Name (Affix Seal if available) PARTNERSHIP, CORPORATE, OR LLC PRINCIPAL By Typed Name Title Business Name (Affix Corporate Seal if available) Address INDIVIDUAL, PARTNERSHIP OR CORPORATE SURETY By Typed Name Title Business Name (Affix Corporate Seal if available)
PerformancePaymentBond%20-%20NEW.docx