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CONSTRUCTION PAYMENT BONDCONTRACTOR (Name and Address):SURETY (Name, and Address of Principal Place of Business):OWNER (Name and Address):
City of Middleton
7426 Hubbard Avenue
Middleton, WI 53562
CONSTRUCTION
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How to fill out construction payment bond
How to fill out construction payment bond
01
Step 1: Obtain the necessary documents, including the construction payment bond form and any supporting documentation required by the obligee.
02
Step 2: Review the construction payment bond form and understand its requirements and provisions.
03
Step 3: Fill out the bond form accurately and completely, providing all requested information.
04
Step 4: Attach any required supporting documentation, such as a contract or bid specifications.
05
Step 5: Verify the accuracy of the information provided and make any necessary revisions before submitting the bond.
06
Step 6: Submit the completed construction payment bond to the obligee along with any required fees or supporting documentation.
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Step 7: Keep copies of the completed bond and supporting documents for your records.
Who needs construction payment bond?
01
Construction contractors who are required to provide proof of financial security or payment guarantee to the project owner or obligee usually need a construction payment bond.
02
Subcontractors who want to ensure they receive payment for their work on a construction project may also benefit from a construction payment bond.
03
Project owners or obligees may also require contractors to obtain a construction payment bond to protect against the risk of non-payment or contractor default.
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What is construction payment bond?
Construction payment bond is a type of surety bond that ensures subcontractors and suppliers on a construction project are paid.
Who is required to file construction payment bond?
General contractors are typically required to file construction payment bond on public construction projects.
How to fill out construction payment bond?
To fill out construction payment bond, the contractor must provide information about the project, the bonding company, and financial statements.
What is the purpose of construction payment bond?
The purpose of construction payment bond is to provide a guarantee that subcontractors and suppliers will be paid for their work on a construction project.
What information must be reported on construction payment bond?
Construction payment bond must include project details, bonding company information, and financial statements.
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