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California Information Bulletin Surety Bond

Category:
California Workers Compensation - Official
State:
California
Control #:
CA-SKU-4856
Format:
PDF
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Description

Information Bulletin Surety Bond The California Information Bulletin Surety Bond, also known as the RIBS Bond, is a type of surety bond required by the State of California for businesses who sell goods or services to the state. This bond guarantees the company’s performance and payment in accordance with the contract terms and conditions. It serves as a financial guarantee to the state that the company will comply with the terms and requirements of the contract, and if not, the state can make a claim against the bond for damages. The bond is issued by an insurance company or surety on behalf of the business. There are two types of California Information Bulletin Surety Bonds: the RIBS Performance Bond and the RIBS Payment Bond. The RIBS Performance Bond guarantees the performance of the contract, meaning the business will provide the goods or services as stated in the agreement. The RIBS Payment Bond guarantees the payment of the contract, meaning the business will pay the state for the goods or services they provided.

The California Information Bulletin Surety Bond, also known as the RIBS Bond, is a type of surety bond required by the State of California for businesses who sell goods or services to the state. This bond guarantees the company’s performance and payment in accordance with the contract terms and conditions. It serves as a financial guarantee to the state that the company will comply with the terms and requirements of the contract, and if not, the state can make a claim against the bond for damages. The bond is issued by an insurance company or surety on behalf of the business. There are two types of California Information Bulletin Surety Bonds: the RIBS Performance Bond and the RIBS Payment Bond. The RIBS Performance Bond guarantees the performance of the contract, meaning the business will provide the goods or services as stated in the agreement. The RIBS Payment Bond guarantees the payment of the contract, meaning the business will pay the state for the goods or services they provided.

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