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Document 00 61 13 Performance and Payment Bond Form State of Ohio Standard Requirements for Public Facility Construction ( Form of Bond prescribed by Ohio Revised Code Section 153.57 Not to be used.

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Document 00 61 13 - Performance and Payment Bond...
Document 00 61 13 - Performance and Payment Bond Form. State of Ohio Standard Requirements...
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Document 00 61 13 - Performance and Payment Bond...
Document 00 61 13 - Performance and Payment Bond Form. State of Ohio Standard Requirements...
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What is the typical cost of a Performance Bond? The cost of a performance bond usually is less than 3% of the contract price, but may rise to 4%. It can be more expensive if your credit rating isn't strong. Labor and material payment bonds are companions to the performance bond.

When a performance bond is called and the claim has been deemed valid, a surety company will sometimes find a new contractor to complete the project. When this happens, a new contract is drafted with different terms and prices.

A performance bond is a type of contract construction bond that guarantees a contractor will complete a project ing to the terms outlined in a contract by the project owner, also called the obligee. The obligee can be a city, state, or local government, as well as the federal government or a private developer.

Ohio Payment and Performance Bonds The performance bonds function is if the contractor fails to perform ing to the specifications laid out by the contract, the client is guaranteed compensation for any monetary loss up to the amount of the performance bond.

A Performance Bond Guarantees that a bonded contractor will perform the obligations under the contract ing to the contract terms and conditions. Project owners will typically require performance bonds for either 50% of the contract value or 100% of the contract value.

Performance bonds are a subset of contract bonds and guarantee that a contractor will fulfill the terms of the contract. If they fail to do so, the Surety company is responsible for completing the contract obligations, either by securing a new contractor to complete the job or by financial compensation.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
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
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
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