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SECTION 12 CONSTRUCTION SECURITY 10% Security Prior to the Division of Highways issuing a notice to proceed for the construction of subdivision streets the Developer shall first post with the Division
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What is construction security - delaware?
Construction security in Delaware refers to the financial guarantee or collateral that a contractor is required to provide to secure payment and performance obligations on a construction project. It is intended to protect the owner and subcontractors in case the contractor defaults on their obligations.
Who is required to file construction security - delaware?
Contractors working on certain public and private construction projects in Delaware are generally required to file construction security. The specific requirements may vary depending on the type and value of the project.
How to fill out construction security - delaware?
To fill out construction security in Delaware, contractors typically need to complete the necessary forms provided by the project owner or the relevant government agency. These forms usually require information about the contractor, the project details, and the type and amount of security being provided.
What is the purpose of construction security - delaware?
The purpose of construction security in Delaware is to ensure that contractors fulfill their payment and performance obligations on construction projects. It helps protect owners and subcontractors from financial losses in case of contractor default or failure to complete the project as agreed.
What information must be reported on construction security - delaware?
The information required to be reported on construction security in Delaware may include the contractor's contact details, project specifics, the type of security being provided (e.g., performance bond or letter of credit), and the amount of the security.
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