Alaska Complaint Against Contractor and Surety for Abandonment of Construction Project

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Multi-State
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US-01129BG
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Description

The failure of a building contractor to substantially perform the terms and conditions of a building contract entitles the other party to the contract to sue for damages resulting from the breach of the contract. The measure of damages in such cases is generally held to be the amount above the contract price that it costs the other party to complete the services in accordance with the terms of the contract.


A surety is a person obligated by a contract under which one person agrees to pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so. A surety is often found when someone is required to post a bond to secure a promise to perform.


This form is a generic complaint and adopts the "notice pleadings" format of the Federal Rules of Civil Procedure, which have been adopted by most states in one form or another. This form is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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Report a fraudulent or unregistered contractor online, or call the Report-a-Fraud line at 1-888-811-5974.

Performance bonds, which are secured by a contractor before the beginning of a project, provide a guarantee to the project owner that contract obligations will be fulfilled. If the contractor fails to complete work ing to the contract terms, the property owner may be financially compensated. Performance Bonds for Construction Explained | Procore Procore ? Library Procore ? Library

Should a contractor fail to deliver on a project, either by not completing it or otherwise failing to meet their obligations, the developer of the project can attempt to recoup their losses by demanding payment equal to the bond's value. This is known as calling the bond. What Happens When a Performance Bond Is Called? constructiondisputes.com ? bond-resources ? perf... constructiondisputes.com ? bond-resources ? perf...

The types of contract surety bonds are: Bid bond: These bonds guarantee that a contractor can meet the specifications contained in the bids they submit and won't back out of a bid they've won. Performance bond: A performance bond protects an obligee when a contractor fails to complete a project as required. What is a Surety Bond and When Do You Need One? - ValuePenguin valuepenguin.com ? small-business ? what-i... valuepenguin.com ? small-business ? what-i...

No contract shall be let for any public work in this state, by any city, county or state authority, until the contractor shall have first executed a good and solvent bond to the effect that the contractor will pay for all the labor and materials used by the contractor, or any immediate or remote subcontractor under the ...

A performance bond guarantees that a contractor will perform the work ing to the conditions and requirements of the construction contract. These bonds protect the owner from financial loss as a result of a contractor default.

A surety bond is a three-party contract between a surety company (usually an insurance company), the project owner and you (the contractor). The bond financially protects the project owner in the event that the contracting company fails to complete the project as promised in the agreement.

If the principal fails to deliver on the terms of the contract entered into with the obligee, then the obligee has the right to file a claim against the bond to recover any damages or losses incurred. If the claim is valid, the surety company will pay reparation that cannot exceed the bond amount. Surety: Definition, How It Works With Bonds, and Distinctions investopedia.com ? terms ? surety investopedia.com ? terms ? surety

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Alaska Complaint Against Contractor and Surety for Abandonment of Construction Project