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Document 00 61 13.13 Performance Bond Form State of Ohio Standard Requirements for Public Facility Construction (Form of Performance Bond prescribed by Ohio Administrative Code Section 153:4102)KNOW

How to fill out 13 - performance bond

How to fill out 13 - performance bond

1. To fill out a 13 - performance bond, follow these steps:
2. Start by entering the name of the principal, which is the party who is requiring the bond.
3. Provide the name of the obligee, who is the party to whom the bond is issued.
4. Fill in the name of the surety company that is issuing the bond.
5. Specify the penal sum, which is the maximum amount of money that the surety would have to pay in case of default.
6. Include the effective date of the bond, which is the date when the bond coverage begins.
7. Provide any additional terms or conditions that may be required.
8. Sign and date the bond, indicating the agreement of all parties involved.
9. Make sure to keep a copy of the completed bond for your records.

Who needs 13 - performance bond?

1. A 13 - performance bond is typically needed by construction contractors, subcontractors, or suppliers.
2. It provides a guarantee that the contractor will complete the project according to the specified terms and conditions,
3. or that the supplier will provide the necessary goods or materials as agreed upon.
4. The bond protects the obligee, such as the project owner or the party requiring the bond,
5. in case of default or non-performance by the principal (contractor, subcontractor, or supplier).

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What is 13 - performance bond?

A performance bond is a guarantee provided by a party (usually a contractor) to ensure that they will fulfill their obligations under a contract.

Who is required to file 13 - performance bond?

Contractors are typically required to file performance bonds as part of a construction contract.

How to fill out 13 - performance bond?

To fill out a performance bond, the contractor must provide information about the project, the contract terms, and financial details.

What is the purpose of 13 - performance bond?

The purpose of a performance bond is to protect the project owner in case the contractor fails to complete the project as agreed.

What information must be reported on 13 - performance bond?

The performance bond typically includes details about the project, contract terms, the amount of the bond, and the parties involved.