Common use of Contractor’s Surety Clause in Contracts

Contractor’s Surety. The liability of Contractor’s surety, if any, under any surety payment bond posted for this Project is expressly understood to be co-extensive with that of the Contractor hereunder including, without limitation, that any surety on any Project shall not be liable for any payment to the Subcontractor unless and until the Contractor or its surety has been paid such amounts from the Owner on any Project, as an express condition precedent to payment to the Subcontractor. To the extent allowed by law, the terms of this Master Subcontract Agreement shall in all respects be deemed incorporated into any such payment bond as may have been posted and the question of whether or not any funds may be due or justly due to the Subcontractor, as may be referenced within any such bond, shall solely be determined by reference to this Master Subcontract Agreement. Any Surety issuing such payment bond shall be an intended beneficiary of the provisions of this Master Subcontract Agreement.