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 Performance
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
For example, a client issues a contractor a performance bond. If the contractor is not able to follow the agreed specifications in constructing the building, the client is given monetary compensation for the losses and damages the contractor may have caused.
To release a Performance Bond, call the bonding company and inform them that you no longer need it. Fill out their bond release form when they send it to you and return it back with your signature.
A performance bond is an indemnity bond that guarantees satisfactory completion of contract work by a contractor. Whereas completion bonds create a guarantee between the obligor and its lender as obligee, performance bonds create a guarantee between the obligor and the contractual obligee.
KNOW ALL MEN BY THESE PRESENTS, That we, ___________________________________________, (hereinafter called the Principal), as Principal, and NAME OF SURETY COMPANY , duly organized under the laws of the State of. , (hereinafter called the Surety), as Surety, are held and firmly bound unto ...
Performance Bonds guarantee the performance of a specified contract. When executed, it is attached to the entire contract by reference or exhibit. The bond is in full force and effect until the contract is 100% complete and cannot be canceled.
