Bond Demand In Construction In Queens
Category:
State:
Multi-State
County:
Queens
Control #:
US-00415BG
Format:
Word;
Rich Text
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
Summary of New York bond claim and notice laws and requirements for private New York projects including free forms, FAQs, resources and more. Contractors, suppliers, and others that work in the construction industry use this form to file a claim against the bond on a public project.We make it easy to get a contract performance bond. Just click here to get our New York Performance Application. Don't like to fill out forms? As a contractor in New York, you'll need a contractor license bond to get licensed. Use this guide to help you in the process. Complete the below form to request a free Bonding Services One-on-One technical assistance session. Thus, when the bond claim is properly made, the surety is obligated to perform one of several courses of action to complete the contract. We make it easy to get a contract performance bond.
