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This document serves as a bond agreement between a Principal and Surety to ensure the fulfillment of payment obligations related to a construction contract with a University in the State of Washington,
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How to fill out retainage bond template

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How to fill out retainage bond

01
Obtain a copy of the retainage bond form from your bonding company or surety.
02
Fill out the required information such as your name, business name, and contact information.
03
Specify the project details including the name and location of the project.
04
Indicate the retainage amount that the bond will cover.
05
Review and sign the bond form as required.
06
Submit the completed bond form to the appropriate parties, usually the project owner or general contractor.
07
Keep a copy of the bond for your records.

Who needs retainage bond?

01
Contractors working on large projects where retainage is withheld.
02
Subcontractors who want to ensure they receive payment for completed work.
03
Businesses that want to protect themselves from potential payment disputes.
04
Property owners who require assurances from contractors regarding their liabilities.

What is Retainage Bond Form?

The Retainage Bond is a document needed to be submitted to the specific address to provide certain info. It has to be filled-out and signed, which is possible in hard copy, or using a certain software e. g. PDFfiller. This tool allows to fill out any PDF or Word document directly from your browser (no software requred), customize it depending on your requirements and put a legally-binding e-signature. Once after completion, user can send the Retainage Bond to the relevant individual, or multiple recipients via email or fax. The template is printable too due to PDFfiller feature and options presented for printing out adjustment. In both electronic and in hard copy, your form will have a clean and professional outlook. It's also possible to turn it into a template for further use, so you don't need to create a new file from the beginning. All you need to do is to customize the ready sample.

Instructions for the form Retainage Bond

Before start to fill out Retainage Bond MS Word form, make sure that you have prepared enough of required information. That's a important part, as long as typos may bring unpleasant consequences starting with re-submission of the entire word form and completing with deadlines missed and even penalties. You should be really observative filling out the digits. At a glimpse, it might seem to be very simple. Nonetheless, it's easy to make a mistake. Some use such lifehack as storing all data in a separate document or a record book and then attach it's content into documents' sample. Anyway, try to make all efforts and present true and solid data in your Retainage Bond word template, and doublecheck it while filling out all required fields. If you find any mistakes later, you can easily make corrections when working with PDFfiller editor and avoid missing deadlines.

Retainage Bond: frequently asked questions

1. Is this legit to submit forms digitally?

As per ESIGN Act 2000, forms written out and authorized with an electronic signature are considered legally binding, similarly to their physical analogs. In other words, you're free to rightfully fill out and submit Retainage Bond fillable form to the individual or organization needed to use digital solution that suits all the requirements based on its legitimate purposes, like PDFfiller.

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A retainage bond is a type of surety bond that guarantees the completion of a construction project and ensures that subcontractors and suppliers are paid for their work. It protects the project owner by ensuring that funds withheld as retainage are available to pay for any potential liabilities that may arise.
Retainage bonds are typically required from contractors or subcontractors who are involved in a construction contract that stipulates the withholding of retainage as a means of ensuring project completion and payment of all parties involved.
To fill out a retainage bond, the contractor must provide specific information including the project details, the parties involved (including the obligee and principal), the amount of retainage being guaranteed, and the bond number. The bond must be signed by both the contractor and the surety, and may require notarization.
The purpose of a retainage bond is to provide financial security to the project owner by ensuring that funds withheld as retainage can be accessed to cover any claims or liabilities that arise during the project, thereby protecting subcontractors and suppliers.
A retainage bond must report information such as the principal's name, the surety's information, the amount covered by the bond, a description of the project, and the conditions under which the bond can be claimed. Additionally, it may include the bond number and the effective date.
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