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This document serves as an agreement for a performance bond between the subdivider, bonding company, and the Town Council of McCordsville, Indiana, detailing the obligations for completing required
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How to fill out performance bond agreement form
How to fill out PERFORMANCE BOND AGREEMENT FORM
01
Begin with the date of the agreement at the top of the form.
02
Provide the name and contact information of the Principal (the party that is being bonded).
03
Identify the Obligee (the party requiring the bond) by including their name and contact details.
04
Indicate the bond amount clearly, specifying the currency.
05
Specify the project or obligation for which the bond is being issued.
06
Include the start and end dates of the project or obligation.
07
Have the Principal and Obligee sign and date the form.
08
Attach any required supporting documents or schedules, as specified by the bond issuer.
09
Review the completed form for accuracy and completeness before submission.
Who needs PERFORMANCE BOND AGREEMENT FORM?
01
Contractors or service providers working on construction, repair, or improvement projects.
02
Businesses seeking to provide goods or services but require assurance of performance.
03
Government agencies and municipalities that require performance bonds to ensure compliance with contracts.
04
Individuals or entities engaging in agreements that require financial guarantees.
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People Also Ask about
How much does a $100,000 performance bond cost?
Bond rates fluctuate between 1% to 5% of the total contract amount. Most qualified contractors can expect to pay a price of 2.5–3% of the performance bond amount. This means if you've been contracted for a $100,000 project, you could pay just $2,500–$3,000 for your construction performance bond.
What is a performance bond agreement?
What Is a Performance Bond? A performance bond is a type of contract construction bond that guarantees a contractor will complete a project according to the terms outlined in a contract by the project owner, also called the obligee.
How much does a $100,000 performance bond cost?
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin.
What is standard form 28?
Bond rates fluctuate between 1% to 5% of the total contract amount. Most qualified contractors can expect to pay a price of 2.5–3% of the performance bond amount. This means if you've been contracted for a $100,000 project, you could pay just $2,500–$3,000 for your construction performance bond.
Is form SF 25 available online?
The U.S. General Services Administration Performance Bond is available for download and use for federal contracts from the GSA website.
What is the standard for a performance bond?
Standard Form 28 - Affidavit of Individual Surety. Page 1. Affidavit Of Individual Surety. (See instructions on page 4) State Of County Of ss. I, the undersigned, being duly sworn, depose and say that I am: (1) the surety to the attached bond(s); (2)
What is the standard form of performance bond?
The two main types of performance bonds are conditional bonds and on-demand/unconditional bonds. The key difference between conditional and unconditional/on-demand performance bonds lies in the conditions for activation and the beneficiary's claim requirements.
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What is PERFORMANCE BOND AGREEMENT FORM?
A PERFORMANCE BOND AGREEMENT FORM is a legal document that ensures the fulfillment of contractual obligations by a contractor or service provider. It protects the project owner by guaranteeing that the work will be completed according to the terms of the contract.
Who is required to file PERFORMANCE BOND AGREEMENT FORM?
Contractors or service providers who are awarded contracts, especially in construction or project management, are typically required to file a PERFORMANCE BOND AGREEMENT FORM to secure the project owner against potential non-completion or subpar work.
How to fill out PERFORMANCE BOND AGREEMENT FORM?
To fill out a PERFORMANCE BOND AGREEMENT FORM, the contractor must provide their business details, the project owner's information, the project description, the bond amount, and any relevant dates such as the contract date and completion date. The contractor and the surety company must also sign the form.
What is the purpose of PERFORMANCE BOND AGREEMENT FORM?
The purpose of the PERFORMANCE BOND AGREEMENT FORM is to provide financial assurance to the project owner that the contractor will complete the work as agreed. If the contractor fails to fulfill the contract, the bond can be claimed to cover the costs of completing the project.
What information must be reported on PERFORMANCE BOND AGREEMENT FORM?
The PERFORMANCE BOND AGREEMENT FORM must report the contractor's and project owner's names, address, and contact information, a description of the project, the bond amount, the date of the contract, the completion timeline, and signatures from both the contractor and the surety.
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