Combined Performance And Payment Bond

I am an owner(obligee);I have a bond titled:PERFORMANCE & PAYMENT BOND-no exceptions ,except I must meet my obligations-the penal sum is $14,200,000.00.Does this mean that the penal sum is split 50-50 between Performance and Payment;or each carries the full penal sum?Please let me know,and if you have any legal case precedents on this ,I would appreciate;thanks;Ricardo Bird(President 800 PDL CORP.);ricardo_bird@yahoo.com is another email address.

[Surety Queen]

Originally Posted by Unregistered

I am an owner(obligee);I have a bond titled:PERFORMANCE & PAYMENT BOND-no exceptions ,except I must meet my obligations-the penal sum is $14,200,000.00.Does this mean that the penal sum is split 50-50 between Performance and Payment;or each carries the full penal sum?Please let me know,and if you have any legal case precedents on this ,I would appreciate;thanks;Ricardo Bird(President 800 PDL CORP.);ricardo_bird@yahoo.com is another email address.

Both the Performance and the Payment bond carry the full penal sum. We have no legal precedents on this - I would suggest contacting an attorney. This bond amount is quite large. Actually, the Obligee would be who is requiring the bond of you. What are the circumstances under which you are needing the bond?