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This document serves as a bond guaranteeing the performance and payment obligations of the contractor under a specific contract with the State of South Dakota.
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How to fill out performance and payment bond
How to fill out Performance and Payment Bond
01
Obtain the bond form from your surety company.
02
Fill in the principal's name and address.
03
Include the project details, including location and nature of the work.
04
State the contract amount and any terms and conditions.
05
Provide the name and address of the obligee (the entity requiring the bond).
06
Include any additional information required by the surety company.
07
Have the bond signed by the principal and surety company representative.
08
Submit the completed bond to the obligee.
Who needs Performance and Payment Bond?
01
Contractors working on public projects.
02
Subcontractors who are required to secure bonding.
03
Construction companies seeking to ensure project completion.
04
Employers needing to assure payment for labor and materials.
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What is Performance and Payment Bond?
A Performance and Payment Bond is a type of surety bond that guarantees the completion of a project by a contractor and ensures that the contractor will pay all labor and materials supplied for the construction project.
Who is required to file Performance and Payment Bond?
Typically, contractors engaged in public construction projects are required to file Performance and Payment Bonds to ensure compliance with contractual obligations and protection for project owners.
How to fill out Performance and Payment Bond?
To fill out a Performance and Payment Bond, the contractor must provide details such as the project owner's name, project location, bond amount, and include the signatures of the contractor and surety company.
What is the purpose of Performance and Payment Bond?
The purpose of a Performance and Payment Bond is to protect the owner from financial loss in case the contractor fails to complete the project or does not pay for materials and labor.
What information must be reported on Performance and Payment Bond?
Information that must be reported on a Performance and Payment Bond includes the names of the parties involved, the bond amount, project details, description of work to be performed, and effective dates of the bond.
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