Michigan Subcontractor's Performance Bond
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How to fill out Subcontractor's Performance Bond?
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FAQ
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.
When a contractor fails to abide by any of the conditions of the contract, the surety and contractor are both held liable. The three main types of construction bonds are bid, performance, and payment.
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.
The requirement for performance and payment bonds is waived for cost-reimbursement contracts.
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.
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.
General contractors and residential builders in Michigan are licensed however the license regime does not current require a contractor to file a surety bond. Several municipalities do however require a contractor's license bond to be filed for permitted work.
