If the total Bond amount is less than the Project Amount, the minimum payment due in full must be made within 15 days from the date of issue of this Bond. 2. If there is a deficiency in the amount payable and the total Bond amount is greater than the Project Amount, the Contractor shall make payment of the difference (less the accrued interest) within 45 days from the date of issue of this Bond. 3. If the total Bond amount is equal to or less than the Project Amount, the Contractor must pay the difference in cash within 45 days of its mailing to the surety, or within such other periods as the surety may authorize, by transfer e-mail, fax, mail or other electronic means as determined to be feasible by the Contractor and the surety. If no transfer or alternate procedure has been developed, the Contractor must remit the difference within the time required by this subparagraph unless a reasonable arrangement has been made between the Contractor and the surety. 4. If the payment arrangement can be mutually agreed upon between the Contractor and the surety, the Contractor shall remit the balance of any surplus within 45 days of the surety's written request. The Contractor shall use the Bond money only for completing the project in accordance with the terms and conditions prescribed in the construction contract. This subparagraph does not govern the payment or allocation within the project of cash to employees, labor, material, supplies or other expenses. 5. If the amount of payment is less than 20.00 for a project, the payment amount shall be equal to the Project Total Payment Amount before deductions for any applicable taxes and fees from the Project total Payment Amount. For projects with an approved budgeting plan that provides for budgeting and payment of the project, the amount is based on the approved budget. The amount shall be calculated as calculated for the amount of the Contract Sum and the Project Total Payment Amount, but shall be computed without taking into account any budgeting for, or payments to a non-construction company. 6. If the construction contractor is a corporation (including an unincorporated company, partnership, limited liability company, limited liability partnership, limited liability joint partnership, trust, or other business entity) and if the Construction Contract includes a subcontract or subcontracted work, the Contractor shall pay to the surety in lieu of interest the entire amount of such subcontractual payment in advance of the execution of the construction contract.
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(1) ABC Form C-7 August 2001 PAYMENT BOND USE BLACK INK ONLY SURETY'S BOND NUMBER (2) Numbers in margin correspond to Check t”, ABC Form B-7 The PRINCIPAL (Name and address of Contractor, same as
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ABC Form C 7 is a financial reporting document that must be filled out by certain individuals or organizations to report their financial information.
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To fill out ABC Form C 7, you need to gather all the necessary financial information and then complete the relevant sections of the form.
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The purpose of ABC Form C 7 is to collect and report financial information from the filers for regulatory purposes.
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On ABC Form C 7, you must report various financial information such as income, expenses, assets, liabilities, and other relevant details.
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The deadline to file ABC Form C 7 in 2023 is [insert deadline date].
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The penalty for the late filing of ABC Form C 7 may include financial penalties or other consequences as determined by the regulatory authorities.
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