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Construction Guarantee for use with the JCC Principal Building Agreement GUARANTOR DETAILS AND DEFINITIONS Guarantor means Physical address Guarantors signatory 1 Capacity Guarantors signatory 2 Capacity

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How to fill out construction guarantee - intranet

How to fill out construction guarantee:

01

Gather all necessary documentation: Before filling out the construction guarantee, ensure that you have all the relevant documentation, such as the contract or agreement for the construction project, specifications, plans, and any other supporting documents.

02

Identify the parties involved: Clearly state the names and contact information of all the parties involved in the construction project, including the contractor, the owner, and any other stakeholders.

03

Define the project details: Provide a comprehensive description of the construction project, including the scope of work, timeline, and any specific requirements or specifications.

04

Specify the guarantee amount: Determine the financial amount that will be guaranteed by the construction guarantee. This is typically a percentage of the contract price or a fixed amount agreed upon by the parties involved.

05

State the duration of the guarantee: Clearly state the duration for which the construction guarantee will be valid. This is usually a specific number of months or years from the completion date of the project or any agreed-upon milestone.

06

Include any conditions or exclusions: Outline any specific conditions or exclusions that may apply to the construction guarantee. This could include limitations on the types of damages covered, exclusions for certain events or circumstances, or requirements for proper documentation in case of a claim.

Who needs construction guarantee?

01

Construction companies: Construction companies often need to provide construction guarantees to reassure clients or project owners that they will fulfill their contractual obligations and cover potential risks or damages during the construction process.

02

Project owners: Project owners may require a construction guarantee from the contractor to protect their investment and ensure that the construction project is completed according to the agreed-upon terms. This can provide financial security and guarantee that any defects or issues will be rectified by the contractor.

03

Financial institutions: Banks or other financial institutions that provide financing for construction projects may demand a construction guarantee to mitigate the risk of non-performance by the contractor. This can provide assurance that funds will be available to address any unforeseen circumstances during the construction process.

In summary, filling out a construction guarantee involves gathering necessary documentation, identifying the parties involved, defining project details, specifying the guarantee amount and duration, and including any relevant conditions or exclusions. Construction companies, project owners, and financial institutions are commonly the parties who require or benefit from construction guarantees.

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What is construction guarantee?

Construction guarantee is a type of financial security that ensures that a construction project will be completed according to the terms of the contract.

Who is required to file construction guarantee?

The party responsible for providing the financial security, such as the contractor or developer, is required to file a construction guarantee.

How to fill out construction guarantee?

To fill out a construction guarantee, the party providing the financial security must typically submit a form with details of the project and financial information.

What is the purpose of construction guarantee?

The purpose of construction guarantee is to protect the project owner or client from financial loss in case the contractor fails to complete the project as agreed.

What information must be reported on construction guarantee?

The construction guarantee typically includes details of the project, the amount of the financial security provided, and the terms of the agreement.

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