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 With The State
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
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.
Surety bond premiums (the amount you pay) are often calculated as a percentage of the total bond amount, usually between 0.5% and 5% of the bond amount for applicants with good credit, and between 5% up to as much as 20% of the bond amount for applicants with poor credit.
Updated . A surety bond is a legally binding contract that ensures obligations are met ? or in the case of failure, that recompense will be paid to cover the missed obligations.
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.
No specific documents are required in order to draft and execute a surety bond. However, ID proofs of the parties in order to confirm the names and permanent addresses of the principal, surety and the obligee must be scrutinized.
