Get the free Notification of Election of Performance Security - dnr state oh
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This document is used by companies to elect performance security for coal mining permits in Ohio, in compliance with state regulations.
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How to fill out notification of election of
How to fill out Notification of Election of Performance Security
01
Start by obtaining the Notification of Election of Performance Security form from the relevant authority.
02
Fill in the date on which the notification is being issued.
03
Enter your name, address, and contact information at the top of the form.
04
Provide the name and address of the party to whom the notification is directed.
05
Clearly state the reason for the election of performance security.
06
Specify the amount of performance security required.
07
Include details about the project or contract associated with the performance security.
08
Sign and date the form to certify the information provided.
09
Submit the form to the appropriate party as indicated by the governing contract or agreement.
Who needs Notification of Election of Performance Security?
01
Contractors and service providers involved in projects that require performance security.
02
Clients or project owners who need assurance of performance from service providers.
03
Legal or procurement departments managing contracts requiring performance guarantees.
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What is Notification of Election of Performance Security?
The Notification of Election of Performance Security is a formal declaration made by a party, typically a contractor or project owner, indicating the choice to secure a project through a performance bond or other form of security.
Who is required to file Notification of Election of Performance Security?
Typically, the contractor or service provider who is awarded a contract is required to file the Notification of Election of Performance Security to ensure compliance with contractual obligations and protect the interests of the project owner.
How to fill out Notification of Election of Performance Security?
To fill out the Notification of Election of Performance Security, one must provide details such as the contract number, project description, the type of security being elected (e.g., performance bond), and the amounts involved, along with signature and date.
What is the purpose of Notification of Election of Performance Security?
The purpose of the Notification of Election of Performance Security is to formally indicate the contractor's intention to secure the project through the required performance security which protects the owner from potential losses in case of non-performance.
What information must be reported on Notification of Election of Performance Security?
The notification must report information such as the project name, contractor details, contract number, type and amount of performance security being elected, and the effective date of the security.
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