This Request that Contracting Body Provide Copy of Payment Bond and Contract Covered by Bond form is for use by an individual entitled to bring an action or a defendant in an action on a payment bond to request that the contracting body, certify and furnish a copy of the payment bond and of the construction contract covered by the bond within ten days' notice of this request.
North Carolina Request that Contracting Body Provide Copy of Payment Bond and Contract Covered by Bond - Individual
Category:
State:
North Carolina
Control #:
NC-08-09
Format:
Word;
Rich Text
Instant download
Description
How to fill out North Carolina Request That Contracting Body Provide Copy Of Payment Bond And Contract Covered By Bond - Individual?
Avoid pricey lawyers and find the North Carolina Request that Contracting Body Provide Copy of Payment Bond and Contract Covered by Bond - Individual you need at a reasonable price on the US Legal Forms website. Use our simple categories functionality to look for and download legal and tax files. Go through their descriptions and preview them just before downloading. In addition, US Legal Forms enables users with step-by-step tips on how to obtain and fill out every single template.
US Legal Forms customers just need to log in and download the particular document they need to their My Forms tab. Those, who have not got a subscription yet should stick to the tips listed below:
- Ensure the North Carolina Request that Contracting Body Provide Copy of Payment Bond and Contract Covered by Bond - Individual is eligible for use where you live.
- If available, read the description and make use of the Preview option just before downloading the templates.
- If you’re confident the template meets your needs, click Buy Now.
- If the form is incorrect, use the search field to get the right one.
- Next, create your account and select a subscription plan.
- Pay out by credit card or PayPal.
- Select download the form in PDF or DOCX.
- Simply click Download and find your form in the My Forms tab. Feel free to save the template to your gadget or print it out.
Right after downloading, you are able to fill out the North Carolina Request that Contracting Body Provide Copy of Payment Bond and Contract Covered by Bond - Individual manually or an editing software program. Print it out and reuse the form many times. Do more for less with US Legal Forms!
Form popularity
FAQ
In the construction industry, the payment bond is usually issued along with the performance bond. The payment bond forms a three-way contract between the Owner, the contractor and the surety, to make sure that all subcontractors, laborers, and material suppliers will be paid leaving the project lien free.
Introduction. A project owner receives a bid bond from a contractor as a part of the supply bidding process. A bid bond provides a guarantee that a winning bidder will take up the contract as per the terms at which they bid. A bid bond ensures compensation to the bond owner if the bidder fails to begin a project.
The contractor who wins the bid is given a contract for the project. A bid bond serves as a guarantee that the contractor who wins the bid will honor the terms of the bid after the contract is signed.A bid bond compensates the owner for the cost difference between the initial contractor's bid and the next-lowest bid.
The surety company will give the Principal (the person who is bonded) a chance to satisfy the claim. If the Principal fails to satisfy the claim, the surety company will step in and satisfy the claim. The surety company will then go to the Principal for repayment of satisfying that claim.
A performance bond is issued to one party of a contract as a guarantee against the failure of the other party to meet obligations specified in the contract.
The Performance Bond secures the contractor's promise to perform the contract in accordance with its terms and conditions, at the agreed upon price, and within the time allowed. The Payment Bond protects certain laborers, material suppliers and subcontractors against nonpayment.
The cost of a performance bond usually is less than 1% of the contract price; however, if the contract is under $1 million, the premium may run between 1% and 2%. Bonds may be more costly, depending upon the credit-worthiness of the contractor. Labor and material payment bonds are companions to the performance bond.
In most cases, a contractor will need to obtain both a payment bond and a performance bond. In these cases, the contractor will often purchase payment and performance bonds together in a so-called P&P bond package. The contractor will apply for a surety bond premium quote through a surety or surety bond broker.
