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CITY OF SAN ANTONIO Issued By: Transportation and Capital Improvements ID NO.: 23015750503Date Issued: February 21, 2018(010) FORMAL INVITATION FOR BIDS (IF) to CONTRACT 2017 Bond Program Pedestrian
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A performance bond is a financial guarantee provided by a contractor to ensure the completion of a project according to the contractual terms and conditions. It protects the project owner against potential losses if the contractor fails to fulfill their obligations.
Typically, contractors and subcontractors engaged in public works projects or those requiring governmental approval are required to file a performance bond.
To fill out a performance bond, you need to provide the project details, the bond amount, names and addresses of the principal (contractor) and the surety company, and any other required information as specified by the jurisdiction.
The purpose of a performance bond is to protect the project owner by ensuring that the contractor fulfills their contractual obligations. If the contractor defaults, the bond provides financial compensation to cover the costs of hiring another contractor to complete the project.
Information that must be reported includes the names of the parties involved, the bond amount, the project details, the terms of the contract, and the signatures of the involved parties.
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