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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How to fill out the OH M140-00 61 13 online
The OH M140-00 61 13 is a performance and payment bond form required by the State of Ohio for public facility construction projects. This guide will walk you through each section of the form so you can complete it accurately and efficiently online.
Follow the steps to successfully complete the OH M140-00 61 13 form online.
- Press the ‘Get Form’ button to access the OH M140-00 61 13 form and open it in your online document editor.
- Begin filling out the form by entering your information in the designated fields. You will need to provide the name of the Principal, who is responsible for the contract.
- Next, input the Surety's details. This includes the Surety's name and the name of the Attorney-in-Fact who will sign on behalf of the Surety.
- In the Obligee section, specify the name of the entity or person that the bond is being made for, along with the penal sum. The penal sum is the monetary amount the bond guarantees.
- Provide the date of the contract and the project details. Be sure to fill in the project number, project name, and a description of the contract work involved.
- Complete the signature fields. Both the Principal and Surety must sign the form, and their titles or positions must be included.
- Review all entries for accuracy before finalizing the document. Ensure all required fields are filled in correctly.
- Finally, save your completed form. You can choose to download it, print it, or share it as needed.
Begin completing your OH M140-00 61 13 form online today.
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Get answers to your most pressing questions about US Legal Forms API.
What is the typical amount of a performance bond?
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.
What happens when a performance bond is called?
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.
What is a performance bond and how does it work?
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.
What is a performance bond in the state of Ohio?
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.
What is performance bond requirements?
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.
What is the purpose of a performance bond?
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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