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Performance Months Bond is issued simultaneously with Payment Bond (for Labor & Materials) in favor of the Owner conditioned on the full and faithful performance of the Contract as provided by Section
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How to fill out perance vs payment bonds

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How to fill out performance vs payment bonds

01
Obtain the necessary information and documents for the project requiring the bonds.
02
Contact a surety bond provider to apply for the performance and payment bonds.
03
Submit the application along with any required financial information and documentation.
04
Await approval from the surety bond provider.
05
Once approved, fill out the necessary forms and provide any additional information requested.
06
Sign the bonds and ensure all parties involved are aware of the terms and conditions.

Who needs performance vs payment bonds?

01
Contractors working on construction projects.
02
Subcontractors hired to perform work on a construction project.
03
Government agencies requiring bonds for public projects.
04
Private project owners looking to protect their investment.

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Performance vs payment bonds are types of surety bonds that guarantee that a contractor will fulfill their obligations and that subcontractors and suppliers will be paid.
Contractors working on public construction projects are usually required to file performance vs payment bonds.
To fill out performance vs payment bonds, contractors must provide information such as project details, financial statements, and proof of bonding capacity.
The purpose of performance vs payment bonds is to protect project owners and ensure that construction projects are completed according to contract terms.
Performance vs payment bonds must report details such as project name, contract amount, bond amount, and names of parties involved.
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