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This document is a Performance Bond issued by contractors to project owners and lenders to guarantee contract performance, ensuring financial protection in case of contractor default.

How to fill out performance bond dual obligee

How to fill out Performance Bond Dual Obligee

1. Obtain the Performance Bond form from the bonding company or surety.
2. Identify the obligees; enter both names and addresses accurately.
3. Specify the principal's details, including name and address.
4. Clearly state the project or contract description connected to the bond.
5. Indicate the bond amount that meets the contract requirements.
6. Provide the effective date of the bond.
7. Review any additional clauses or stipulations that may apply.
8. Sign the bond in the designated areas, ensuring all parties have authorized signatures.
9. Submit the completed bond to the obligees, retaining a copy for your records.

Who needs Performance Bond Dual Obligee?

1. Contractors who are working on projects requiring a performance guarantee.
2. Subcontractors who need to assure their obligations will be fulfilled.
3. Government agencies awarding contracts that mandate performance bonds.
4. Businesses entering contracts where dual obligees are involved for risk mitigation.

People Also Ask about

How much does a performance bond typically cost?

The typical price range for Performance & Payment Bonds is . 5% to 4% of the contract price. Usually, the rate is presented as a dollar amount per $1,000 of the contract price.

Who is the obligee on a performance bond?

$5,000 surety bonds typically cost 0.5–10% of the bond amount, or $25–$500.

What are the two types of performance bonds?

There are two main categories: 'on demand' bonds and 'conditional' bonds.

How much does a $5000 performance bond cost?

$5,000 surety bonds typically cost 0.5–10% of the bond amount, or $25–$500.

What is a performance bond in English?

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.

What is a dual obligee performance bond?

A co-obligee, also known as a dual obligee, is when an additional obligee is requested to be added to the contract surety bond for a construction project. This means that an additional person is named on the bond who was not initially named in the contract.

What are the two types of performance bonds?

There are two main categories: 'on demand' bonds and 'conditional' bonds.

For pdfFiller’s FAQs

What is Performance Bond Dual Obligee?

A Performance Bond Dual Obligee is a type of bond in which the contractor is obligated to fulfill terms of a contract for two separate parties, typically the project owner and a third party or regulatory body.

Who is required to file Performance Bond Dual Obligee?

The contractor or principal who is undertaking the project or contract is required to file the Performance Bond Dual Obligee.

How to fill out Performance Bond Dual Obligee?

To fill out a Performance Bond Dual Obligee, the contractor must provide details such as the project description, the parties involved, the bond amount, and signatures from the surety providing the bond.

What is the purpose of Performance Bond Dual Obligee?

The purpose of the Performance Bond Dual Obligee is to protect the interests of both obligees involved, ensuring that the contractor completes the work as specified and meets all contractual obligations.

What information must be reported on Performance Bond Dual Obligee?

Information that must be reported includes the names and addresses of all parties involved, the bond amount, project details, contractual obligations, and signatures of the surety and obligors.