This Request that Contracting Body Provide Copy of Payment Bond and Contract Covered by Bond is for use by a corporation entitled to bring an action or a defendant in an action on a payment bond to request that the contracting body, certify and furnish a copy of the payment bond and of the construction contract covered by the bond within ten days' notice of this request.
North Carolina Request that Contracting Body Provide Copy of Payment Bond and Contract Covered by Bond - Corporation
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State:
North Carolina
Control #:
NC-08A-09
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Word;
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Description
How to fill out North Carolina Request That Contracting Body Provide Copy Of Payment Bond And Contract Covered By Bond - Corporation?
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FAQ
A surety bond is a three-party contract by which one party (the surety) guarantees the performance of a second party (the principal) to a third party (the obligee). Surety bonds that are written for construction projects are called contract surety bonds.
A Miller Act Claim is similar to a bond claim or mechanics lien for contractors working on a federal construction project. It is a mechanism that encourages the general contractor to pay promptly and resolve payment issues that may exist between you and your contractor.
Write the name of the obligor, or project owner, on the line preceded or followed by are held and firmly bonded to. Write the amount of money at issue in the bond on the line designated for the bond amount. Sign the bond in the presence of a notary public and have the bond notarized.
California contractors are required to maintain an active $15,000 license bond (or cash equivalent) on file with the CSLB as a condition of being licensed.
The performance bond guarantees that the contractor will complete the project in accordance with the contract and specifications. The performance bond protects the obligee from being left with incomplete or inaccurate work.
Step 1: Verify which surety bond form you need. Step 2: Apply for a surety bond. Step 3: Get a surety bond quote. Step 4: Pay for your surety bond. Step 5: Verify the information on your bond. Step 6: File you surety bond with the obligee.
Surety bonds financially compensate the client if the contractor does not fulfill his contractual obligation. Most federal, state and municipal contracts require independent contractors to obtain a bond as part of a project agreement. Some states request a bond as part of the professional licensing process.
Contract bonds are used to guarantee performance of a written contract. They are primarily used in construction contracts. The following are the most common types of contract bonds: Bid bonds - When construction projects are awarded based on the lowest bid, the obligee usually also requires a bid bond.
Sometimes called warranty bonds, a maintenance bond is a type of surety bond that protects the owner of a completed construction project for a specified time period against faults and defects in workmanship, materials, and design that could arise later if the work was done incorrectly.
