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U.S. Department of Housing
and Urban Development
Office of Hospital FacilitiesPayment Bond
Section 242OMB Approval No. 25020602
(Exp. 08/31/2019)Public reporting burden for this collection of information
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01
To fill out payment bond section 242, follow these steps:
02
Begin by reading the instructions and requirements stated on the form.
03
Provide your personal information, including your name, address, and contact details.
04
Identify the project for which the payment bond section 242 is being filled out.
05
Specify the contract number and date of the project.
06
Enter the details of the obligee, the party to whom the payment bond is secured.
07
Fill in information about the principal or contractor responsible for the bond.
08
Include the amount of the payment bond and the effective dates.
09
Attach any necessary supporting documentation, such as a copy of the contract or bid bond.
10
Review the completed form for accuracy and completeness.
11
Sign and date the payment bond section 242 before submission.
Who needs payment bond section 242?
01
Payment bond section 242 is typically necessary for construction projects.
02
Specifically, it is required by the obligee or the party that requires assurance in the form of a bond
03
that the principal or contractor will fulfill their payment obligations to subcontractors and suppliers.
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Therefore, anyone involved in a construction project as an obligee or contractor may need payment bond section 242.
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