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
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
Insurance protects you in the event of an accident and allows you to operate legally. Bonds help create trust that you'll complete the required project and allow you to work on public jobs.
To make a claim under a standard performance bond, three conditions must be met: The owner (obligee) must formally (in writing) declare the bonded contractor (principal) in default under the contract's terms and conditions. The contractor must actually be in default under the contract's terms and conditions.
A bond claim means the claimant is alleging you haven't fulfilled an obligation of yours that may be covered under the bond.
Filing a Bond Claim The consumer will contact the surety directly to engage this process. Claims against a surety company may be filed by homeowners, any person damaged by a willful and deliberate violation of a construction contract or by employees damaged by the contractor's failure to pay wages.
Being bonded means that an insurance and bonding company has procured funds that are available to the customer contingent upon them filing a claim against the company. If you are a contractor or other type of business owner, you may have good reason to explore what it means to be surety bonded.
