Get the free Retainage Bond - oregon

This document serves as a bond securing retainage amounts from a contractor to the Oregon Department of Transportation, ensuring funds for construction projects are held as specified in contract agreements.

How to fill out retainage bond - oregon

How to fill out Retainage Bond

1. Gather required information: Collect details like project name, contractor information, and bond amount.
2. Obtain the bond forms: Request the necessary retainage bond forms from your surety company or from online resources.
3. Fill in your information: Provide accurate details in the designated fields, ensuring all information matches your project documentation.
4. Include the property owner's information: Ensure to list the property owner's name and address if required.
5. Specify the bond amount: Clearly state the percentage of retainage that the bond will cover, typically a portion of the total contract value.
6. Review the terms and conditions: Carefully read the bond conditions to understand the obligations and rights of all parties involved.
7. Sign the bond: Once all information is accurately filled out, sign the bond where indicated, often requiring notary verification.
8. Submit the bond: Provide the completed bond to the property owner or general contractor, keeping copies for your records.

Who needs Retainage Bond?

1. Contractors and subcontractors who are required to provide financial assurance for retainage amounts on construction projects.
2. Property owners or project owners who wish to ensure that they have security against potential contractor defaults or delays.

People Also Ask about

What is retainage in a contract?

The Retention Clause is the heart of any conversation around withheld funds. It typically includes: The percentage of retention (e.g., 5% of each interim payment). The conditions for staged release (e.g., 50% upon Practical Completion and the remaining 50% after the Defects Liability Period).

What is the difference between retainage and performance bond?

Project Risk Profile: High-value or complex projects may benefit from dual bonding to mitigate risks at various stages. Financial Security: Performance bonds cover project completion risks, while retention bonds focus on post-completion quality assurance.

What is the language of retainage in a contract?

Retainage clauses are usually found within the contract terms outlining the procedure for submitting payment applications. A typical retainage clause parallels the following language: "Owner shall pay the amount due on the Payment Application less retainage of [a specific percentage]."

What is retainage in English?

re·​tain·​age. ri-ˈtā-nij. : a percentage of a contract price retained from a contractor as assurance that subcontractors will be paid and that the job will be completed.

What is the language clause in a contract?

If you're owed retainage, the held-back amounts should be recorded as an asset, while whoever owes retainage should enter the amount as a liability. Retainage receivables will show as a debit balance, while retainage payables are considered a credit.

How to write a retention clause?

If a contract is translated into another contract language, inserting a language clause is important. Such language clause avoids the ambiguity that inevitably results from rewriting the contractual rights and obligations in a second contract language.

What is a retainage bond?

A retainage bond, also known as a retention bond or maintenance bond, is a type of surety bond that guarantees the release of the retainage amount to the contractor or subcontractor at the completion of their contractual obligations.

For pdfFiller’s FAQs

What is Retainage Bond?

A Retainage Bond is a financial guarantee that ensures the completion of a construction project and protects the owner from financial loss if the contractor fails to fulfill their obligations.

Who is required to file Retainage Bond?

Typically, contractors who are engaged in construction projects and are required to withhold retainage as a part of payment to guarantee completion are required to file a Retainage Bond.

How to fill out Retainage Bond?

To fill out a Retainage Bond, contractors must provide specific information such as project details, bond amount, and the parties involved, along with signatures from the bond issuer and the contractor.

What is the purpose of Retainage Bond?

The purpose of a Retainage Bond is to protect project owners by ensuring that funds withheld from contractors are available to cover any potential project completion costs or legal claims.

What information must be reported on Retainage Bond?

The Retainage Bond must report the contractor's name, project details, bond amount, duration of the bond, and signatures of all parties involved, as well as any relevant terms and conditions.