This form may be completed and used by a subcontractor or supplier who has not been fully paid on a project and is seeking payment from the surety (insurer) under the terms of a payment bond. In construction, a payment bond is a bond on the general contractor to ensure payment to subcontractors and suppliers.
Bond Claim Letter Example For Employee
Category:
State:
Multi-State
Control #:
US-CONST3
Format:
Word;
Rich Text
Instant download
Description
How to fill out Bond Claim Notice?
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FAQ
A simple money bond must contain the following: Name of the lender and the borrower. Address of the lender and the borrower. The amount being lent/borrowed. The purpose for which the amount is being borrowed. The time period for which the amount is being lent. The interest to be levied on the amount.
A Bond Capacity Letter provides evidence of general ?bondability? by a General Contractor (GC) to an Owner (or a Subcontractor to a General Contractor). Oftentimes, owners require General Contractors to provide this letter as a way to prequalify the GC for a particular job.
A "bondability letter" is provided by a surety to potential obligees in connection with the prequalification process to verify that the principal will be able to provide the required bond for the project.
A statement of bondability is generally nothing more than a letter written on either the surety's or bonding agent's letterhead identifying the contractor (principal), the surety offering the letter and the limits for which the contractor is qualified.
"Good Guy Letters" essentially state that the principal is an account of the surety. While a Good Guy Letter doesn't typically specify the credit line, it might state that the principal is able to obtain a bond for the identified project or that the principal is able to obtain a bond up to a stated amount.
