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 Sample Format
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 construction payment bond may need to cover the entire construction contract amount for a $5 million project, but a $50 million project only requires a bond of 50% of the total contract value.
Anatomy of a Surety Bond Form Bond Number. The surety company assigns this unique identifying number to the bond. ... Principal. The principal is the person or business required to obtain the bond. ... Surety Company. ... Bond Penalty (Penal Sum) ... Obligation. ... Obligee. ... Effective Term. ... State.
These bond types are also referred to as ?commercial bonds" or ?business bonds." Examples of license and permit surety bonds include auto dealer bonds, mortgage broker bonds, and collection agency bonds.
How to Fill Out a Surety Bond Form Bond Number. Bond Premium. Principal Name. Surety Name. State of Incorporation. Obligee Name. Bond Amount. Bond Obligation.
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.
