Virginia Subcontractor's Performance Bond
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How to fill out Subcontractor's Performance Bond?
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FAQ
To get a contractor license in the state of Virginia, you must either demonstrate a certain amount of net worth or get a $50,000 contractor license bond. Similarly, to get registered in certain counties in the state, such as Prince William County or Fairfax County you must also post a surety bond.
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.
The State of Virginia does not require contractors to obtain any form of liability insurance. Class A and B contractors will need to purchase and maintain a $50,000 contractor license surety bond.
Virginia doesn't require liability insurance for general contractors, but coverage may be required to obtain certain permits. It can offer important financial protection to keep your business moving forward.
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'.
?The main purpose of a construction bond is to provide the security, or guarantee, to the owner that the project he instructs the contractor to build will be completed in the case of failure or bankruptcy of the contractor's company,? says Robbert.
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.
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.
