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VILLAGE OF ALGONQUIN VILLAGE BOARD MEETING April 4, 2017 7:30 p.m. 2200 Varnish Drive AGENDA1. 2. 3 4. 5. 6.7.8.9. 10. 11.12. 13. 14. 15. 16. 17. 18.CALL TO ORDER ROLL CALL ESTABLISH QUORUM PLEDGE

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What is payment & performance bond?

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

Who is required to file payment & performance bond?

Payment & performance bonds are typically required for construction projects by project owners to protect against financial loss due to contractor default or non-payment.

How to fill out payment & performance bond?

To fill out a payment & performance bond, the contractor must provide information such as project details, contractor information, bond amount, and financial statements.

What is the purpose of payment & performance bond?

The purpose of a payment & performance bond is to ensure that the project is completed as agreed upon and that subcontractors, laborers, and suppliers are paid for their work.

What information must be reported on payment & performance bond?

The information reported on a payment & performance bond typically includes the project details, contractor information, bond amount, and financial statements.

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