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Performance Bond Dual Obligee Section 232 U.S. Department of Housingand Urban Development Office of ResidentialCare Facilities OMB Approval No. 25020605 (exp. 11/30/2022)Public reporting burden for
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How to fill out performance bond - dual

01
Obtain the necessary forms from the issuing authority.
02
Fill out the required information accurately, including the name of the principal, the amount of the bond, the project description, and the date of execution.
03
Include any required signatures from the principal, the obligee, and the surety.
04
Submit the completed bond to the issuing authority for approval and processing.
05
Keep a copy of the bond for your records.

Who needs performance bond - dual?

01
Contractors who are required to provide a guarantee of performance for a construction project may need a performance bond - dual. This includes general contractors, subcontractors, and suppliers who want to ensure that the project is completed according to the terms of the contract.

What is Perance Bond - Dual Obligee - HUD Form?

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A dual performance bond is a type of surety bond that serves to ensure the compliance of a principal with the terms of a contract, as well as ensuring that the financial obligations associated with that contract are met by both the contractor and the subcontractor.
Generally, contractors involved in public construction projects or any contractual agreements that require a performance bond are required to file a dual performance bond.
To fill out a dual performance bond, the principal must provide information such as the project details, the names of the parties involved, the bond amount, and signatures from both the contractor and the surety company.
The purpose of a dual performance bond is to protect the project owner by ensuring that both the main contractor and the subcontractors fulfill their obligations under the contract, thereby reducing the risk of financial loss.
Information that must be reported includes the names of the principal and surety, project description, bond amount, contract details, and effective date of the bond.
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