The Alaska Waiver of Bond Requirement is a document that relieves a contractor from being required to post a surety bond on a construction project. This waiver is issued by the State of Alaska Department of Labor and Workforce Development in order to protect the state from loss due to non-performance or breach of contract by the contractor. The waiver allows the contractor to instead provide an alternative financial guarantee to the state for a specific construction project. There are two types of Alaska Waiver of Bond Requirements: a Limited Waiver and a Full Waiver. A Limited Waiver is issued when the contractor can provide a financial guarantee of up to 50% of the project cost, while a Full Waiver is issued when the contractor can provide a financial guarantee of up to 100% of the project cost. The financial guarantee must be in the form of a surety bond, letter of credit, cash, or a combination of all three.
Alaska Waiver of Bond Requirement
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This official form is a waiver of bond requirement.
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If all of the heirs are adults, they have the option to sign a waiver that releases the requirement of the bond. Most courts will not order a bond to be purchased if there are no outstanding debts and the deceased's heirs agree to waive the bond.Two things to take away from this: 1) bonds are usually a good thing, and 2) you meet the nicest people working in probate. The waiver tells the probate court that the beneficiary is agreeable to waiving the Bond. A probate bond isn't always required. In some cases, the court may waive the probate bond. The waiver tells the probate court that the beneficiary is agreeable to waiving the Bond. Unanimous consent of the heirs to the Personal Representative's Petition is required, or the beneficiaries if the Decedent died testate. I waive the requirement for the proposed personal representative or the person named in the will (name) to post a surety bond in the above case. Waive the requirement that the proposed fiduciary submit a probate bond for the protection of estate assets.