Get the free Statutory Public Works Bond - oregon

This document is a statutory public works bond required in the state of Oregon for contractors or subcontractors wishing to work on public works projects. It ensures the payment of wage claims ordered

How to fill out statutory public works bond

How to fill out Statutory Public Works Bond

1. Gather necessary information: Collect details regarding the project, including project name, location, and scope.
2. Obtain a bond form: Get the appropriate Statutory Public Works Bond form from your state's bonding authority or the project's contracting agency.
3. Fill out the principal's information: Enter the name and address of the contractor or principal who is obtaining the bond.
4. Provide the obligee's details: Enter the name of the government agency or entity that is requiring the bond.
5. Specify the bond amount: Fill in the total amount of the bond as required by the contract or state law.
6. Include project specifics: Clearly describe the public works project that the bond pertains to.
7. Sign the bond: The principal must sign the bond, and a witness may need to sign as well.
8. Obtain any required notarization: Have the bond notarized if required by your state or bonding authority.
9. Submit the bond: Deliver the completed and signed bond to the obligee or relevant agency.
10. Keep a copy: Retain a copy of the signed bond for your records.

Who needs Statutory Public Works Bond?

1. Contractors engaged in public works projects.
2. Subcontractors hired by contractors working on public projects.
3. Business entities involved in any state or local government construction projects that require bonding.

People Also Ask about

What is the purpose of a P&P bond?

Together, payment and performance bonds are referred to as P & P Bonds, a Construction Bond or a Contract Bond. In terms of construction, a payment bond guarantees the contractor will rightfully pay all of the related suppliers, subcontractors, and laborers used on a project.

What is the purpose of a construction performance bond?

A performance bond is required for many kinds of construction jobs. What they essentially do is guarantee that the contractor performing the work will meet their contractual obligations with the owner or general contractor on the project. Ultimately, this helps to ensure that work is done as agreed to.

What is the purpose of a public officials bond?

The California Public Official Bond is a type of surety bond required for elected or appointed officials in the state. It serves as a financial guarantee that officials will faithfully perform their duties, manage public funds responsibly, and adhere to legal and ethical standards throughout their term of office.

What is the difference between post bond and bail?

Bail vs. Bond Bail is the money a defendant must pay in order to get out of jail. A bond is posted on a defendant's behalf, usually by a bail bond company, to secure his or her release. Defendants with pending warrants are usually not eligible for bail.

What does a P&P bond do?

WHAT IS A P&P Bond? A P&P Bond is a guaranty issued by a surety company (Surety) for the benefit of the owner. Subject to momentous exceptions, it assures the obligee (in our example the owner/borrower) that the Surety will cause the project to be completed and bills paid, even if the contractor fails.

What is the difference between a statutory bond and a common law bond?

The short answer is: A statutory bond is specified by a statute, such as Chapter 2253 of the Texas Government Code, or Chapter 53 of the Texas Property Code. A common law bond is established by contract for those instances where there is no statute governing the terms and effect of the bond.

How much does a $1,000,000 surety bond cost?

$1,000,000 Surety Bond Cost by Credit Score Surety Bond AmountOver 675 (0.5-3%)600-675 (3-5%) $1,000,000 $5,000–$30,000 $30,000–$50,000 *This table provides general estimates. Bond pricing fluctuates due to various factors.

For pdfFiller’s FAQs

What is Statutory Public Works Bond?

A Statutory Public Works Bond is a type of surety bond required by law for contractors undertaking public works projects, ensuring that they will fulfill their contractual obligations and comply with applicable laws.

Who is required to file Statutory Public Works Bond?

Contractors who are bidding on or engaged in public works projects typically are required to file a Statutory Public Works Bond to guarantee their performance and compliance with the contract terms.

How to fill out Statutory Public Works Bond?

To fill out a Statutory Public Works Bond, a contractor must provide specific details such as their business name, project information, bond amount, and signatures from the contractor and surety company.

What is the purpose of Statutory Public Works Bond?

The purpose of a Statutory Public Works Bond is to protect the public and ensure that the contractor adheres to the laws and regulations governing public works projects, as well as to provide financial security for completion of the work.

What information must be reported on Statutory Public Works Bond?

The information that must be reported on a Statutory Public Works Bond includes the contractor's name, address, bond amount, the project description, and signatures of the contractor and the surety company.