Bond On Demand In North Carolina
Instant download
Description
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.
Form popularity
More info
Take Part II of the Worksheet to the Mecklenburg County Office of the Tax Collector located at 700 East. Summary of North Carolina bond claim and notice laws and requirements for private North Carolina projects including free forms, FAQs, resources and more.The acceptable forms of bond surety are certificate of deposit (A-1), letter of credit (A‑2), or corporate surety bond (A-3). 3. Surety Company: Enter the legal name of the Surety Company underwriting the bond. On-demand performance bonds and letters of credit are used to provide a financial guarantee that a contractor will live up to the terms of the contract. This guide provides information for insurance agents to help contractors effectively obtain a North Carolina General Contractor Bond. Need a surety bond in North Carolina? We've got you covered.
