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This document serves as a performance security bond for contractors, ensuring that they fulfill their contractual obligations to the City Government of Cebu. It outlines the roles of the contractor
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How to fill out surety bond

01
Obtain the necessary forms from the surety bond provider.
02
Fill out your personal information, including name, address, and contact details.
03
Provide the details of the bond, such as the type, amount, and purpose.
04
Include information about the obligee (the entity requiring the bond).
05
Submit any required financial documentation, such as credit history or business financials.
06
Review the application for accuracy before submission.
07
Pay any required premium or fees to the surety bond company.
08
Wait for the approval from the surety and receive the bond document.

Who needs surety bond?

01
Contractors bidding on government projects.
02
Businesses seeking licenses or permits.
03
Individuals acting as guardians in legal matters.
04
Service providers in regulated industries.
05
Companies requiring assurance against financial loss.
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A surety bond is a legally binding contract among three parties: the obligee (the party requiring the bond), the principal (the party obtaining the bond), and the surety (the party guaranteeing the bond). It ensures that the principal will fulfill their obligations to the obligee or compensate the obligee if they fail.
Usually, businesses or individuals involved in certain professions, contracting, or government projects are required to file a surety bond. This requirement is often set by regulatory authorities, project owners, or businesses to ensure that the principals meet their contractual obligations.
To fill out a surety bond, the principal must provide their personal and business information, details about the project or obligation, the bond amount, and any other required documentation. The surety company then assesses the application and determines whether to issue the bond.
The purpose of a surety bond is to provide a financial guarantee that the principal will perform their contractual obligations. If the principal fails to do so, the surety must compensate the obligee for their losses, thereby protecting the obligee's interests.
Typically, a surety bond must report the names and addresses of the principal, obligee, and surety; the bond amount; a description of the underlying obligation; the bond number; and any specific terms or conditions associated with the bond.
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