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This document serves as a performance bond for Pay Tel Communications, Inc. as required by the North Dakota Public Service Commission, ensuring compliance with telecommunications regulations in the
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How to fill out performance bond - psc
How to fill out Performance Bond
01
Obtain the necessary form for the Performance Bond from a surety company or financial institution.
02
Fill in the project details, including the owner's name, contractor's name, and project description.
03
Specify the amount of the bond, typically a percentage of the contract value.
04
Include the start and completion dates of the project.
05
Provide any required financial statements or documentation from the contractor.
06
Review the completed form for accuracy and completeness.
07
Submit the form to the surety company for approval.
08
Once approved, obtain a copy of the signed bond for your records.
Who needs Performance Bond?
01
Contractors who are bidding on construction projects.
02
Project owners who require a guarantee for project completion.
03
Subcontractors involved in larger projects.
04
Real estate developers seeking financing for construction.
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What is Performance Bond?
A Performance Bond is a type of surety bond issued to guarantee the completion of a project by a contractor according to the terms of the contract.
Who is required to file Performance Bond?
Typically, contractors bidding on public projects or large private contracts are required to file a Performance Bond.
How to fill out Performance Bond?
To fill out a Performance Bond, you need to provide details such as the principal's name, the obligee's name, the bond amount, project details, and sign the document according to the bond issuer's requirements.
What is the purpose of Performance Bond?
The purpose of a Performance Bond is to protect the project owner from financial loss if the contractor fails to complete the project as agreed, ensuring the contractor meets their contractual obligations.
What information must be reported on Performance Bond?
Performance Bonds typically require reporting information such as the names and addresses of the principal and obligee, bond amount, project description, and terms and conditions of the bond.
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