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PRINTCLEARGOLDEN STATE ACTIVEWEAR PO BOX 188 SAN JOSE, CA 95103 (408) 2781212 or (800) 8928337 FAX (408) 2781220NEW ACCOUNT FORM Please submit or email the completed application to sales gsactivewear.com.

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The function of the bid bond is to provide a guarantee to the project owner that the bidder will complete the work if selected. The existence of a bid bond gives the owner assurance that the bidder has the financial means to accept the job for the price quoted in the bid.

A bid bond only covers the bid itself, ensuring that the contractor selected can follow through on the project while a performance bond only becomes necessary once a bid is won and a contract is awarded to the contractor.

A bid bond provides assurance to GCs and owners that if a subcontractor does not complete their work, the surety company will complete the obligations as stipulated in the contract. Bid bonds are required on most federal projects because of the Miller Act, though other types of projects may require bid bonds as well.

A labor bond or material bond is a form of insurance offered by a surety company. Owners or general contractors can apply for a bond to act as an insurance fund if they cannot pay laborers or subcontractors for their time or materials.

The purpose of a bid bond is to provide assurance to the project owner that the bid was submitted in good faith. Should a contractor be awarded the contract and decide not to undertake the job, the project owner can then use the bond to cover the difference between the awarded and second lowest compliant bidder.

A payment surety bond is a legal contract, a type of bond, that guarantees certain employees, subcontractors, and suppliers are protected against non-payment. Other common names for these include “construction”, and “labor and material”.

The Labour and Material Payment Bond is a type of insurance that is used to guarantee that subcontractors and material suppliers are paid for the work and material they supply on the job. The company that provides the bond, that in effect insures payment for the work and materials, is called the surety bond company.

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. Bid bonds are often used in construction jobs or other projects that follow a similar bid-based selection process.

SF24/22 is a unique global event, with four regional time zone conferences running round the world consecutively from 4-5 August 2022.

The more common term for labor and material bonds is a payment bond. This payment bond is a binding three-way contract between the contractor (principal), property owner, and the surety that all laborers, suppliers, and subcontractors working on the project will be fairly compensated.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232