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PERFORMANCE AND PAYMENT BOND REQUEST FORM 1660 Edgewater St. NW Suite 200 Salem, OR 97304 pH: (866) 722-9239 / Fax: (503) 566-5891 www.suretysolutionsllc.com nasbp.org/toolkit To: Today s Date: From:

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How to fill out performance and payment bond

How to fill out performance and payment bond:

01

Begin by obtaining the necessary forms from the relevant government agency or bonding company. These forms typically include information such as the project details, contractor information, and bond amount.

02

Fill out the project details section, including the name and location of the project, as well as the start and completion dates. This information helps identify the specific project that the bond is for.

03

Provide the contractor's information, such as their name, address, and contact details. Additionally, include any relevant contractor license or registration numbers.

04

Specify the bond amount required for the project. This is typically a percentage of the total contract value and can vary depending on the project and jurisdiction.

05

If there are any specific conditions or requirements for the bond, ensure that these are included in the appropriate sections. This may include specific language or endorsements that need to be added.

06

Include any additional supporting documentation that may be required. This can include financial statements, references, or other relevant information that helps assess the contractor's ability to fulfill their obligations.

07

Review the completed form for accuracy and completeness. Make sure that all sections have been filled out correctly and that all required signatures are included.

Who needs performance and payment bond:

01

Contractors working on public projects often need to obtain performance and payment bonds. These bonds provide financial protection to project owners by ensuring that the contractor fulfills their contractual obligations.

02

Government agencies, including federal, state, and municipal entities, often require performance and payment bonds for construction projects. This is to safeguard taxpayer funds and ensure that projects are completed as agreed upon.

03

Private project owners may also choose to require performance and payment bonds as a form of protection. This is especially common in large-scale construction projects or when working with contractors who have limited financial resources.

In conclusion, filling out a performance and payment bond involves obtaining the necessary forms, providing project and contractor details, specifying the bond amount, and including any additional documentation. These bonds are often required for public projects and may be requested by private project owners as well.

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What is performance and payment bond?

A performance and payment bond is a type of surety bond that ensures contractors will complete a project according to the terms of their contract and pay subcontractors, laborers, and suppliers.

Who is required to file performance and payment bond?

Contractors working on construction projects for government agencies or private entities may be required to file a performance and payment bond.

How to fill out performance and payment bond?

To fill out a performance and payment bond, contractors must provide information about the project, their financial standing, and other relevant details to a surety company.

What is the purpose of performance and payment bond?

The purpose of a performance and payment bond is to protect project owners and subcontractors from financial loss in case a contractor fails to complete a project or pay suppliers.

What information must be reported on performance and payment bond?

Performance and payment bonds typically include information about the contractor, project, contract terms, bond amount, and other relevant details.

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