The Alaska Waiver of Bond Requirement is a document that relieves a contractor from being required to post a surety bond on a construction project. This waiver is issued by the State of Alaska Department of Labor and Workforce Development in order to protect the state from loss due to non-performance or breach of contract by the contractor. The waiver allows the contractor to instead provide an alternative financial guarantee to the state for a specific construction project. There are two types of Alaska Waiver of Bond Requirements: a Limited Waiver and a Full Waiver. A Limited Waiver is issued when the contractor can provide a financial guarantee of up to 50% of the project cost, while a Full Waiver is issued when the contractor can provide a financial guarantee of up to 100% of the project cost. The financial guarantee must be in the form of a surety bond, letter of credit, cash, or a combination of all three.
Alaska Waiver of Bond Requirement
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This official form is a waiver of bond requirement.
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