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This document serves as a performance bond for the City of Puyallup, ensuring that the principal will perform all provisions of a permit for work in the public right-of-way. The bond outlines the

How to fill out performance bond

How to fill out performance bond

1. Gather necessary information: Collect details about the parties involved, including the principal (the party buying the bond), the obligee (the party requiring the bond), and the surety (the bonding company).
2. Determine the bond amount: Identify the total value of the contract or project that the performance bond will cover.
3. Complete the application: Fill out the performance bond application provided by the surety company, providing accurate and detailed information.
4. Provide financial documents: Submit any required financial statements or documents that demonstrate the principal's creditworthiness.
5. Review terms and conditions: Carefully read the terms and obligations outlined in the bond to ensure understanding.
6. Sign the bond: All parties, including the principal and surety, typically must sign the performance bond.
7. Submit the bond: Once completed, the performance bond should be submitted to the obligee as per their requirements.

Who needs performance bond?

1. Contractors working on construction projects that require guarantees of completion.
2. Businesses bidding on government contracts that mandate performance bonds.
3. Service providers that need to ensure compliance with contractual obligations.
4. Landlords or property managers requiring security from tenants for lease agreements.

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What is performance bond?

A performance bond is a type of surety bond that ensures the completion of a project or fulfillment of a contract. It guarantees that the obligations outlined in the contract will be met by the contractor or service provider.

Who is required to file performance bond?

Typically, contractors who are awarded government contracts or large projects are required to file a performance bond to protect the interests of the project owner and ensure that they fulfill their contractual obligations.

How to fill out performance bond?

To fill out a performance bond, the contractor must complete the bond form, providing details such as the principal's name, project information, bond amount, and signatures from the surety company, as well as other relevant information as required by the project owner.

What is the purpose of performance bond?

The purpose of a performance bond is to provide financial security to the project owner that the contractor will complete the project according to the contract specifications and within the agreed timeframe.

What information must be reported on performance bond?

The performance bond must typically include the names and addresses of the contractor (principal), the surety company, and the project owner, the bond amount, a description of the project, and any special conditions that apply to the bond.