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This document serves as a performance bond for contractors in North Dakota, ensuring compliance with contract terms and protecting state interests.
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How to fill out performance bond
How to fill out performance bond
01
Obtain a performance bond form from a surety company.
02
Fill out the applicant information section with your company's details.
03
Include the project details such as name, location, and the amount of the bond required.
04
Provide any additional information requested by the surety company, such as financial statements or project plans.
05
Sign the performance bond agreement and submit it to the surety company for approval.
Who needs performance bond?
01
Contractors bidding on government projects.
02
Construction companies working on large infrastructure projects.
03
Subcontractors hired to complete a portion of a larger project.
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What is performance bond?
A performance bond is a surety bond issued to ensure the completion of a project according to the contract terms. It protects the project owner from financial loss if the contractor fails to perform as expected.
Who is required to file performance bond?
Contractors, especially those engaged in large construction projects or government contracts, are typically required to file a performance bond to guarantee their work.
How to fill out performance bond?
To fill out a performance bond, the contractor must provide details such as the project name, contract amount, and provide the surety company information, along with signatures from the parties involved.
What is the purpose of performance bond?
The purpose of a performance bond is to ensure that the contractor completes the project as per the contract terms and to protect the owner financially in case of non-compliance.
What information must be reported on performance bond?
The performance bond must include information such as the names of the principal and the surety, the project details, the contract amount, and the effective date of the bond.
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