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.
Request Payment Bond For Construction Project
Category:
State:
North Carolina
Control #:
NC-08-09
Format:
Word;
Rich Text
Instant download
Description
How to fill out Request Payment Bond For Construction Project?
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FAQ
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.
In contrast a subcontractor payment bond is a contractual agreement between a surety and a subcontractor for a particular project. It is designed to ensure that the cost of the labor and materials used and contracted for by the subcontractor are paid in full.
A payment bond is a type of surety bond issued to contractors which guarantee that all entities involved with the project will be paid. A payment surety bond is a legal contract, a type of bond, that guarantees certain employees, subcontractors, and suppliers are protected against non-payment.
Performance bonds; construction lien bonds; and. holdback repayment bonds.
Payment bond definition: A payment bond is a surety bond issued to contractors that guarantees that the contractor will pay their subcontractors, material suppliers, and laborers in a timely fashion. Payment bonds are usually obtained by contractors or subcontractors prior to the commencement of a construction project.
More info
A performance bond claim indicates that something has gone wrong on the project, and the contractor is unable to complete their obligations. Payment bonds guarantee payment for the subcontractors and suppliers who provide labor or materials on covered construction projects.Guarantee to pay all appropriate parties on time and in full for the amount promised in the bid. If a contractor fails to do so, the project developer can make a claim on the bond to access funds that can be used to pay another contractor to finish the job. (a) Generally, agencies shall not require performance and payment bonds for other than construction contracts. In order to ensure the subcontractors get paid, many project owners require their general contractors to take out payment bonds before any work begins. Payment bonds guarantee that suppliers and subcontractors will be paid. If they are not, they can file a claim against the payment bond.
