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STATUTORY PERFORMANCE BONDPURSUANT TO TITLE 34, CHAPTER 6, ARTICLE 1, OF THE ARIZONA REVISED STATUTES (Penalty of this bond must be 100% of the contract amount)KNOW ALL MEN BY THESE PRESENTS:That,
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Statutory performance bond is a type of financial guarantee required by law to ensure that a contractor will complete a project according to the terms of a contract.
Contractors or construction companies are typically required to file a statutory performance bond.
To fill out a statutory performance bond, the contractor must provide information about the project, financial statements, and proof of creditworthiness.
The purpose of statutory performance bond is to protect the project owner in case the contractor fails to complete the project.
Information such as project details, contractor's financial information, and credit history must be reported on a statutory performance bond.
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