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CITY OF NORFOLK WATERSIDE MARINA RENOVATIONS TABLE OF CONTENTS FRONTEND Section Page(s) Table of Contents Invitation for Bids Instructions to Bidders Form of Bid Contract Performance Bond Payment
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How to fill out 7 - payment bond
How to fill out 7 - payment bond:
01
Start by gathering the necessary information and documentation required to fill out the payment bond form. This may include project details, contractor information, and payment terms.
02
Review the instructions provided along with the payment bond form. These instructions will guide you on how to properly complete each section of the form.
03
Begin by entering the project information, such as the name of the project, its location, and the project owner. Make sure to provide accurate and complete information.
04
Next, fill in the contractor information, including their name, address, and contact details. If there are any subcontractors involved, provide their information as well.
05
Specify the date when the payment bond becomes effective. This is usually the date when the agreement or contract for the project is signed.
06
Include the amount of the payment bond. This is the maximum amount that the surety company is liable to pay in case the contractor fails to fulfill their payment obligations.
07
Provide the name and contact information of the surety company issuing the bond. This is the company that guarantees the payment and performance of the contractor.
08
Sign and date the payment bond form. Ensure that the person signing the form has the authority to do so on behalf of the contractor or surety company.
Who needs 7 - payment bond:
01
Contractors: Contractors who are involved in construction projects, particularly public projects, often need to obtain a payment bond. This bond serves as a guarantee that they will make timely payments to their subcontractors, suppliers, and laborers.
02
Subcontractors and suppliers: Subcontractors and suppliers may also require a payment bond to protect their right to payment in case the contractor defaults or fails to pay them.
03
Project owners or public entities: Project owners, especially those in the public sector, may require contractors to obtain a payment bond. This ensures that all parties involved in the project are protected and that payments are made as agreed upon.
In summary, filling out a 7 - payment bond involves gathering the necessary information and following the instructions provided. Contractors, subcontractors, suppliers, and project owners are among those who may need a payment bond.
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What is 7 - payment bond?
A payment bond is a type of surety bond that guarantees subcontractors and suppliers on a construction project will be paid.
Who is required to file 7 - payment bond?
Contractors on construction projects may be required to file a payment bond.
How to fill out 7 - payment bond?
To fill out a payment bond, the contractor must provide information about the project, subcontractors, suppliers, and the amount of the bond.
What is the purpose of 7 - payment bond?
The purpose of a payment bond is to ensure that subcontractors and suppliers are paid for their work on a construction project.
What information must be reported on 7 - payment bond?
The payment bond must include details about the project, subcontractors, suppliers, and the amount of the bond.
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