This form may be completed and used by a subcontractor or supplier who has not been fully paid on a project and is seeking payment from the surety (insurer) under the terms of a payment bond. In construction, a payment bond is a bond on the general contractor to ensure payment to subcontractors and suppliers.
North Carolina Bond Claim Notice
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Multi-State
Control #:
US-CONST3
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Word;
Rich Text
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Description
How to fill out Bond Claim Notice?
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§ 44A-1. As used in this Article: (1) "Legal possessor" means a. Any person entrusted with possession of personal property by an owner thereof, or b. Any person in possession of personal property and entitled thereto by operation of law. (2) "Lienor" means any person entitled to a lien under this Article.
If the surety does not voluntarily pay the claim, a lawsuit must be filed against the payment bond surety as follows: (a) if the public entity files a notice of completion or cessation notice, thirty (30) days six plus (6) months after the notice is filed or (b) if neither a notice of completion or cessation is filed, ...
About North Carolina Notice of Intent to Lien Form No one wants to be forced to file a mechanics lien, and this document gives all of the parties involved one final chance to take care of the payment issues on a project. This form advises the party that a lien will be filed if payment is not received within 10 days.
What Do North Carolina Surety Bonds Cost? Surety bonds generally cost 1-15% of the required bond amount. Costs vary significantly depending on the bond amount you need and your rate (which is the percentage of the full bond amount you must pay).
How must the North Carolina Bond Claim be sent? Bond Claim: The bond claim must be sent to the general contractor's office via registered or certified mail, or by personal service.
You can now apply for a surety online or via the phone. What you will need is information about yourself and your business, the type of bond that you require, and your financial information. The surety company will then review your application and determine your eligibility for a bond.
§ 44A-26. (1) A performance bond in the amount of one hundred percent (100%) of the construction contract amount, conditioned upon the faithful performance of the contract in ance with the plans, specifications and conditions of the contract.
