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.
Surety Bond Claim Form For Foreign Workers
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
Such contracts and associated surety bonds are similar to indentured servitude or serfdom, in that although employees are compensated, they are not permitted to leave their employment except under specified conditions. However, in general, the only penalty for breaching the contract is payment of the bond amount.
A security bond is a binding pledge to pay the government if either you or your helper breaks the law or Work Permit conditions. The bond is in the form of a banker's or insurer's guarantee.
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.
KNOW ALL MEN BY THESE PRESENTS THAT I, ______________________________ Son/ daughter /wife of _________________________ resident of _______________________, in the District of _____________ at present employed as a permanent _____________ in the__________________ (hereinafter called "the Surety") am held and firmly ...
