Bond Claim Notice
Understanding this form
The Bond Claim Notice is a legal document that allows subcontractors or suppliers to assert a claim for payment on a construction project due to non-payment. This form is specifically used to notify a surety about the claim under the payment bond, which ensures that subcontractors and suppliers are compensated for their work. It differs from other notices by focusing on the bondholder's responsibility to pay those who contributed to the project.
Key parts of this document
- Claimant's identification, including name and address.
- Customer's name and contract details.
- Description of the labor and materials provided.
- The amount owed by the contractor to the claimant.
- A request for a copy of the payment bond.
- Contact information for follow-up communications.
Common use cases
This form should be used when a subcontractor or supplier has not received full payment for work performed or materials supplied on a construction project. It is particularly important to file this notice before pursuing further legal action or claiming against the bond to secure payment rights under the payment bond agreement.
Intended users of this form
- Subcontractors who have performed work on a construction project.
- Suppliers of materials related to the project.
- Individuals seeking to enforce their payment rights against the surety.
Completing this form step by step
- Identify the claimant and enter full contact details.
- Specify the customer and describe the contract involved.
- Detail the labor and materials furnished to the project.
- Fill in the amount owed by the contractor.
- Request a copy of the payment bond and additional account status.
- Sign and date the document before submitting it to the relevant parties.
Does this document require notarization?
This form does not typically require notarization unless specified by local law. However, verifying state-specific requirements is essential to ensure validity.
Common mistakes
- Failing to provide complete contact information for the claimant.
- Omitting the description of the work or materials provided.
- Not specifying the correct amount owed.
- Neglecting to keep a copy of the submitted notice for personal records.
- Submitting the notice after the deadline established by state law.
Why use this form online
- Convenient access to a legally vetted template at any time.
- Editability allows for customization to fit specific circumstances.
- Supports quick completion, helping to secure payment rights without delays.
- Reliability through access to forms drafted by licensed attorneys.
Form popularity
FAQ
How Long to Get Bond Back in NSW? Since January 30, 2017, your agent or landlord must offer you the option of using the Rental Bonds Online to manage your bond refund. If there are no claims against your bond, Fair Trading will pay your claim after 14 days.
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. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin.
Step 1: Send required notices to protect your bond claim rights. Step 2: Send a Notice of Intent. Step 3: Submit your bond claim. Step 4: Send a Notice of Intent to Proceed Against Bond. Step 5: Enforce your bond claim in court.
What is a Bond Claim? When unpaid on a public construction project, contractors can file a claim against the project's payment bond.Filing a bond claim is an effective way to secure your right to be paid, similar to how a mechanics lien works on a private project.
A Notice of Intent to Make Bond Claim is just like a demand letter, but it's a demand letter that carries with it some real consequences. It's a document that warns the interested parties, usually the general contractor (but also the property owner and the surety), before filing a claim against the payment bond.
If the claim is valid: The surety company will give the Principal (the person who is bonded) a chance to satisfy the claim. If the Principal fails to satisfy the claim, the surety company will step in and satisfy the claim. The surety company will then go to the Principal for repayment of satisfying that claim.
