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ST STATUTORY PERFORM Y DANCE ON TEXAS P ND PRIVATE W WORKS Bond No. KNOW ALL BY THESE PRESENTS: That we, W, of, h hereinafter refer erred to as the Principal, and The Guarantee e Comp any of North

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How to fill out texas statutory performance bond

How to fill out Texas statutory performance bond:

01

Obtain the necessary bond forms: The first step is to obtain the specific bond form required by the state of Texas. These forms can typically be found on the website of the Texas Department of Insurance or obtained through a licensed surety bond provider.

02

Provide accurate information: When filling out the bond forms, it is important to provide accurate and complete information. This may include the name of the principal, the amount of the bond, the project or contract for which the bond is being issued, and any additional required information.

03

Obtain signatures: The bond forms often require the signature of the principal, who is typically the contractor or subcontractor responsible for the work. In some cases, the bond may also require the signature of a surety, who is the party providing the bond. It is important to ensure that all necessary signatures are obtained.

04

Submit the completed bond form: Once the bond form is filled out and signed, it should be submitted to the appropriate party or agency. This may include the project owner, the general contractor, or the government agency overseeing the project. It is important to follow any specific instructions or procedures for submitting the bond.

05

Who needs Texas statutory performance bond: In Texas, certain construction projects require contractors and subcontractors to obtain a statutory performance bond. These projects include public works contracts with a value exceeding $25,000 and contracts for the construction or repair of certain Texas government-owned buildings. The purpose of the bond is to provide financial protection to the project owner in the event that the contractor fails to fulfill their contractual obligations.

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