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.
Colorado Bond Claim Notice
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
What Is a Consent of Surety? A ?consent of surety? is a written document that you get from your bail bonding agent. Bail bonding agents are not required to give you a consent of surety. (If you cannot get a consent of surety, you may be required to post a new bond.)
Surety bonds also come with the following cons for contractors: A bonded contractor must pay for the bond and will also be responsible for paying valid bond claims. A lapse in a bond can result in a license suspension or the invalidation of a contract. Required renewals can add ongoing expenses.
Being bonded means that an insurance and bonding company has procured funds that are available to the customer contingent upon them filing a claim against the company. If you are a contractor or other type of business owner, you may have good reason to explore what it means to be surety bonded.
Surety bonds generally cost 1-15% of the required bond amount. Surety bond costs vary drastically depending on the bond amount you need and your rate (which is the percentage of the full bond amount you must pay).
Consumers must file surety bond claims with the surety company that wrote the bond within specified time frames. The CSLB does not process claims against surety companies. Surety companies will investigate any claim filed against a bond, and the CSLB will investigate any complaint filed against the license.
Bond Claim Deadlines Must file suit against the surety if claim remains unpaid, and suit must be brought no later than 6 months from the expiration of the Stop Notice period.
A surety bond is a risk transfer mechanism where the surety company assures the project owner (obligee) that the contractor (principal) will perform a contract in ance with the contract documents.
Colorado surety bonds are sometimes needed when you apply for business license. Surety bonds are three party agreements which involve you or your company, a surety, and another party called the obligee. They typically guarantee performance of a contract or that you will follow the rules which govern your state license.
