Bond Demand In Construction In New York
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A Bond is a document with which one party promises to pay another within a specified amount of time. The term "demand" means that the principal plus any interest is due on demand by the bondholder rather than on a specific date. Bonds are used for many things, including borrowing money or guaranteeing payment of money. A bond can be given to secure performance of particular obligations, including the payment of money, or for purposes of indemnification. The validity of a "private" bond, payable upon demand, is determined by the same principles applicable to contracts generally. The purpose of the bond must not be contrary to public policy; it must be supported by a valuable consideration; and there must be a clear designation of the obligor and the obligee. A bond procured through fraud or duress may be unenforceable, but mistake on the part of the obligor as to the contents of a bond, or its legal effect, is not a defense to enforcement of the bond.
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Summary of New York bond claim and notice laws and requirements for private New York projects including free forms, FAQs, resources and more. Com or fax to .You'll need to get your New York mechanics lien filed and recorded with the county recorder in the county where the construction project is located. For public (New York State or Federal) projects Payment Bonds are required.
