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 Contractors
Category:
State:
North Carolina
Control #:
NC-08-09
Format:
Word;
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How to fill out Request Payment Bond For Contractors?
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Write the name of the obligor, or project owner, on the line preceded or followed by are held and firmly bonded to. Write the amount of money at issue in the bond on the line designated for the bond amount. Sign the bond in the presence of a notary public and have the bond notarized.
A payment bond ensures that a contractors material suppliers and subs are paid according to contract and is very commonly used on public projects where mechanics liens are not allowed. A payment bond is a type of contract bond that is often packaged with a performance bond by many sureties.
First, write the name of the obligor or project owner on line preceded by "are held and firmly bonded to." Then write down how much money is at issue in this bond. Once that's done sign your signature where requested with a notary public present who will then make sure it was signed legally.
How does a consumer file a claim against a bond? To file a claim against a bond, a consumer should contact the contractor's surety company and include a detailed written description of the problem, a copy of the contract, and all other pertinent documents Page 2 and information.
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.
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A payment bond is simply a guarantee that a construction company will pay its employees, subcontractors, and suppliers throughout a construction project. What Questions Do You Need to Ask Your Contractor Customers?Example: The Project Owner required John Smith Contracting to obtain a Payment Bond covering the construction project. Payment bonds guarantee that suppliers and subcontractors will be paid. If they are not, they can file a claim against the payment bond. If the contractor fails to complete the job, the wronged parties can file a claim against the bond within (30) days. 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. Serve the bond claim noticeServing the bond claim notice is the equivalent of filing a mechanics lien. If the contract is not fulfilled and the project owner files a valid claim on your bond, then the surety will pay the claim. 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.
