Delaware Subcontractor's Performance Bond

Category:

Contracts - Performance Bonds

State:

Multi-State

Control #:

US-1006BG

Format:

Instant download

Description

A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor or, in this case, a subcontractor.

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FAQ

A payment bond is a type of surety bond issued to contractors which guarantee that all entities involved with the project will be paid. A payment surety bond is a legal contract, a type of bond, that guarantees certain employees, subcontractors, and suppliers are protected against non-payment.

Performance bonds are a subset of contract bonds and guarantee that a contractor will fulfill the terms of the contract. If they fail to do so, the Surety company is responsible for completing the contract obligations, either by securing a new contractor to complete the job or by financial compensation.

Performance bonds are required for a variety of contracts. A performance bond is a guarantee that the party will perform their contractual obligations, or else they will be liable to compensate the other party for any losses incurred as a result.

The requirement for performance and payment bonds is waived for cost-reimbursement contracts.

Performance Bonds A performance bond guarantees satisfactory performance of all duties specified in the contract. Examples would the labor of all sub-contractors, suppliers, and payment of materials. The principal will require the performance bond once awarded the contract.

-A performance bond ensures payment of a sum (not exceeding a stated maximum) of money in case the contractor fails in the full performance of the contract. These bonds usually have a face value of 100% of the contract price.

A payment surety bond is a legal contract, a type of bond, that guarantees certain employees, subcontractors, and suppliers are protected against non-payment. Other common names for these include 'construction', and 'labor and material'.

A performance bond is a financial guarantee to one party in a contract against the failure of the other party to meet its obligations. It is also referred to as a contract bond. A performance bond is usually provided by a bank or an insurance company to make sure a contractor completes designated projects.