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This document outlines the terms and obligations between a Principal, Surety, and the City of Lynden regarding performance and payment for construction improvements.
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How to fill out performance and payment bond
How to fill out PERFORMANCE AND PAYMENT BOND
01
Obtain the PERFORMANCE AND PAYMENT BOND form from a reliable source or your contracting authority.
02
Fill in the contractor's name, business address, and license number at the top of the form.
03
Provide the project name and description to which the bond applies.
04
State the contract amount and the project completion deadline.
05
Include the surety company's details, including name, address, and bond number.
06
Ensure both the contractor and the surety company representatives sign and date the bond.
07
Submit the completed bond to the appropriate authority or project owner as required.
Who needs PERFORMANCE AND PAYMENT BOND?
01
General contractors working on public construction projects.
02
Subcontractors who are required to provide a bond for their work.
03
Any company or individual bidding on government contracts that mandates a PERFORMANCE AND PAYMENT BOND.
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What is a performance bond in English?
An undertaking to pay a party (the beneficiary of the performance bond) a fixed amount if and when another party (the applicant of the performance bond) fails to perform (or delays in its performance of) its obligations under an underlying contract.
What is the meaning of payment bond?
A payment bond is a surety bond posted by a contractor to guarantee that its subcontractors and material suppliers on the project will be paid. They are required in contracts over $35,000 with the Federal Government and must be 100% of the contract value. They are often required in conjunction with performance bonds.
What is an EPC bond?
EPC bonds guarantee that renewable energy projects like solar, wind, or hydro will be completed as agreed. These bonds protect investors and buyers if a contractor fails to finish the job. If a project fails or faces delays, a claim can be made against the bond for financial recovery.
What is a payment and performance bond?
A payment bond and a performance bond work hand in hand. A payment bond guarantees a party will pay all entities, such as subcontractors, suppliers, and laborers, involved in a particular project when the project is completed. A performance bond ensures the completion of a project.
What is meant by performance bond?
A performance bond (also called performance guarantee) is a bond issued by a bank whereby the bank assumes the obligations to a buyer or other beneficiary analogous to those assumed by a confirming bank to the seller under a documentary credit.
What is the difference between payment and performance guarantee?
A payment bond ensures that the contractor will pay subcontractors, laborers, and material suppliers. A performance bond guarantees that the contractor will complete the project according to the terms and conditions of the contract.
What is a payment & performance bond?
A payment bond and a performance bond work hand in hand. A payment bond guarantees a party will pay all entities, such as subcontractors, suppliers, and laborers, involved in a particular project when the project is completed. A performance bond ensures the completion of a project.
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What is PERFORMANCE AND PAYMENT BOND?
A Performance and Payment Bond is a type of surety bond that provides a guarantee that a contractor will perform the work they have agreed to under a contract and that they will pay all subcontractors, laborers, and suppliers involved in the project.
Who is required to file PERFORMANCE AND PAYMENT BOND?
Typically, contractors that are awarded public or private construction contracts are required to file a Performance and Payment Bond to ensure adherence to the terms of the contract and the timely payment of all parties involved.
How to fill out PERFORMANCE AND PAYMENT BOND?
To fill out a Performance and Payment Bond, the principal (contractor) must provide their details, the bond amount, the project details, and the surety company information. This bond must be signed by the principal and the surety, with potential witnesses as required.
What is the purpose of PERFORMANCE AND PAYMENT BOND?
The purpose of a Performance and Payment Bond is to protect project owners from losses due to a contractor's failure to fulfill their contractual obligations or pay their subcontractors and suppliers, ensuring financial security in construction projects.
What information must be reported on PERFORMANCE AND PAYMENT BOND?
Key information required on a Performance and Payment Bond includes the names of the principal and the surety, bond amount, contract details, project location, and conditions under which the bond may be claimed.
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