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This document outlines the requirements and obligations of a contract payment and performance bond for a construction project awarded by the Clark Regional Wastewater District. It serves to secure payment for subcontractors and suppliers and ensures that the principal fulfills all contractual obligations. The bond is jointly held by the principal and the surety, guaranteeing compliance with the contract terms and indemnifying the district against claims.
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How to fill out 1-034 contract bond

01
Gather necessary information about the contract and parties involved.
02
Obtain the 1-034 contract bond form from the appropriate authority.
03
Fill in the names of the principal (the party undertaking the obligation) and the obligee (the party requiring the bond).
04
Specify the total amount of the bond.
05
Provide the effective date of the bond.
06
Sign the form by all parties required, including a witness if necessary.
07
Submit the completed bond to the relevant authority or entity.

Who needs 1-034 contract bond?

01
Contractors or businesses involved in construction projects.
02
Individuals or companies required by law to obtain a performance bond.
03
Anyone engaging in activities that require assurance of contract fulfillment.
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The 1-034 contract bond is a financial contract that guarantees a contractor's performance and adherence to the terms of their contract, ensuring that the project will be completed as stipulated.
Typically, contractors or subcontractors who are awarded specific types of government contracts are required to file a 1-034 contract bond.
To fill out a 1-034 contract bond, one must provide details such as the contract number, the names of the obligor and obligee, the penal sum of the bond, and signature and seal of the surety company.
The purpose of the 1-034 contract bond is to protect the interests of the project owner by ensuring that the contractor fulfills their contractual obligations or compensates for any failures in performance.
The information required on the 1-034 contract bond includes the contractor's name, the project details, bond amount, the surety company's details, and signatures from all parties involved.
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