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 With No Experience
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US-CONST3
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Description
How to fill out Bond Claim Notice?
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FAQ
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.
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.
A surety bond claim is a legal action that a bond obligee can take against a bond principal, if the latter violates the law, or the conditions of the bond itself.
If the surety does not voluntarily pay the claim, a lawsuit must be filed against the payment bond surety as follows: (a) if the public entity files a notice of completion or cessation notice, thirty (30) days six plus (6) months after the notice is filed or (b) if neither a notice of completion or cessation is filed, ...
In order for the claim to be valid, you must send it via certified or registered mail to both the general contractor and the surety responsible for issuing the bond. The claim must be sent by the 15th day of the third month after you were not paid for any labor or materials supplied to the project.
