Michigan Renewable Performance Bond
Description
How to fill out Renewable Performance Bond?
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FAQ
Check The Rating Surety bond companies are rated by different agencies based on their financial strength. That means a third party has analyzed the surety bond company and given them grades on whether they can meet their current and future obligations. A terrific rating service for this is AM Best.
Check The T-Listing Another important way to check your surety bond is to verify that it is listed on the U.S. Treasury's 570 Circular (also called a T-Listing) which can be found here. The 570 Circular lists all the surety bond companies that are approved for U.S. Government projects.
First, write the name of the obligor or project owner on line preceded by "are held and firmly bonded to." Then write down how much money is at issue in this bond. Once that's done sign your signature where requested with a notary public present who will then make sure it was signed legally.
Performance Bonds / Contract Bonds are a type of Surety Bond and are written promises to pay for direct loss or damage suffered by a third party as a result of a breach of contract and are typically issued for 10% of the contract value.
In order to get a performance bond, the contractor agrees to pay the surety a small percentage of the total bond amount, usually between 1% and 4%. In exchange, the surety promises to pay up to the agreed bond amount if the contractor fails to deliver on its obligations.
Even if you recognize the surety company name, it does not mean the bond is real. Make sure you contact the bonding company and vet them to verify the legitimacy of the bond. Many surety companies have websites that can verify bonds, or you can contact them either by phone or email to verify legitimacy.
One key difference between performance bonds and surety bonds is the scope of their coverage. Performance bonds only cover a specific project, while surety bonds can cover multiple projects or ongoing business activities. Another difference is the party responsible for paying the bond premium.
To release a Performance Bond, call the bonding company and inform them that you no longer need it. Fill out their bond release form when they send it to you and return it back with your signature.