Get the free PERFORMANCE BOND REDUCTION REQUEST

The requestor shall furnish a detailed cost estimate of the remaining work together with a projected timetable of completion. Current City unit cost data shall be utilized in complying with this request. Periodic partial releases may not occur before a completion of at least 30 of the bonded improvements including any cost adjustments necessary for redesign. PERIODIC REDUCTIONS The City shall not be required to execute more than three 3 periodic partial releases in any twelve 12 month period...

How to fill out performance bond reduction request

How to fill out performance bond reduction request

1. Gather all the necessary documents such as the original performance bond, the bond reduction request form, and any supporting documents.
2. Carefully review the bond reduction request form and ensure that all required fields are filled out accurately.
3. Include a detailed explanation for the requested reduction in the bond amount, providing supporting evidence if necessary.
4. Attach any relevant documentation that supports your case for the bond reduction, such as financial statements or project updates.
5. Submit the completed bond reduction request form along with all supporting documents to the appropriate authority or agency.
6. Follow up with the authority or agency to ensure that your request has been received and is being processed.
7. Be prepared to provide any additional information or documentation that may be requested during the review process.
8. Wait for a decision on your bond reduction request, which may take some time depending on the specific requirements and workload of the authority or agency.
9. If your request is approved, make sure to obtain the revised performance bond reflecting the reduced amount.
10. If your request is denied, consider reviewing the reason for the denial and whether you need to provide additional information or appeal the decision.

Who needs performance bond reduction request?

1. Contractors or construction companies who have completed a significant portion of a project and want to reduce the performance bond amount.
2. Developers or project owners who have observed satisfactory performance by the contractor and want to lower the financial burden of the bond.
3. Companies undergoing financial difficulties that require a reduction in the bond amount while still ensuring the completion of the project.
4. Government agencies or authorities responsible for overseeing construction projects that allow bond reductions based on specific criteria and conditions.

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