This Request that Contracting Body Provide Copy of Payment Bond and Contract Covered by Bond is for use by a corporation entitled to bring an action or a defendant in an action on a payment bond to request that the contracting body, certify and furnish a copy of the payment bond and of the construction contract covered by the bond within ten days' notice of this request.
Raleigh North Carolina Request that Contracting Body Provide Copy of Payment Bond and Contract Covered by Bond - Corporation
Category:
State:
North Carolina
City:
Raleigh
Control #:
NC-08A-09
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Word;
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How to fill out North Carolina Request That Contracting Body Provide Copy Of Payment Bond And Contract Covered By Bond - Corporation?
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FAQ
Payment and Performance Bond. Both bonds are often required of contractors by a hiring organization or individual as a means of ensuring that contractors and subcontractors involved in a given project provide quality workmanship, and are properly paid by the head contractor.
The function of the bid bond is to provide a guarantee to the project owner that the bidder will complete the work if selected. The existence of a bid bond gives the owner assurance that the bidder has the financial means to accept the job for the price quoted in the bid.
The Miller Act requires that prime contractors for the construction, alteration, or repair of Federal buildings furnish a payment bond for contracts in excess of $100,000. Other payment protections may be provided for contracts between $30,000 and $100,000.
Performance bonds protect the government (the bond's obligee) in case the contractor (the bond's principal) defaults on the work, while payment bonds protect both the government and downstream subcontractors and suppliers in the event the contractor defaults on its payment obligations.
A payment bond and a performance bond work hand in hand. A payment bond guarantees a party pays all entities, such as subcontractors, suppliers, and laborers, involved in a particular project when the project is completed. A performance bond ensures the completion of a project.
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.
Why Does the Miller Act Exist? Since government construction projects are unable to protect themselves from non-payment with a traditional lien, the Miller Act was created to protect the subcontractors as well as the suppliers when dealing with projects owned by the federal government.
Federal and State statutes usually need a general or prime contractor on a public works project to give a labor and material payment bond. The purpose of the payment bond is to offer increased assurance that subcontractors, vendors and laborers will be appropriately compensated for their efforts.
The 3 most common types of construction bonds are Bid Bonds, Performance Bonds, and Payment Bonds. Other construction bonds that are often required include Maintenance Bonds, Supply Bonds, Subdivision Bonds, and Site Improvement Bonds.
Enacted in 1935, the Miller Act requires that, before any contract exceeding $100,000 is awarded for the construction, alteration or repair of any building or public work of the United States, the construction contractor must furnish a payment bond and a performance bond.
