What is a Notice of Bond?

A Notice of Intent to Make Bond Claim is just like a demand letter, but it's a demand letter that carries with it some real consequences. It's a document that warns the interested parties, usually the general contractor (but also the property owner and the surety), before filing a claim against the payment bond.

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Stop Payment Notice By Subcontractor to the Holder of Construction...

Stop Payment Notice By Subcontractor to the Holder of Construction Project Funds

Name: Stop Payment Notice By Subcontractor to the Holder of Construction Project Funds
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.68 (238 reviews)

Category:

Construction - Stop Payment

State:

Multi-State

Control #:

US-01033BG

Format:

Instant download

Description Stop Notice

The right to execute and deliver a stop notice or a notice to withhold funds is a remedy closely related to a mechanic's lien. When a stop notice or a notice to withhold funds is received by an individual or a firm holding the construction funds for a project, the individual or firm must withhold from its disbursements sufficient money to satisfy the stop notice claim. In jurisdictions that provide for stop notices, the notice constitutes a remedy in addition to a mechanic's lien.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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Payment Notice To Form popularity

Subcontractor Funds Complete Other Form Names

Notice Construction Date Stop Subcontractor Online Contract Construction Funds Notice To Proceed For Construction Notice To Project Payment To Project Payment To Construction

Stop Notice Subcontractor FAQ

A Notice of Intent to Make Bond Claim is just like a demand letter, but it's a demand letter that carries with it some real consequences. It's a document that warns the interested parties, usually the general contractor (but also the property owner and the surety), before filing a claim against the payment bond.

The name of the owner or reputed owner; The name and address of the direct contractor; The name and address of the construction lender, if any; A general description of the work furnished by the stop payment notice claimant;

The name and address of the claimant; It is a good idea to include a statement of the claimant's demand and the jobsite location. The Stop Notice must be signed and verified by the claimant. The Stop Notice should include a statement demanding that sufficient funds be withheld to satisfy the claim with interest.

A bonded stop notice is defined as a stop notice given to a con- struction lender that is accompanied by a bond in a penal sum equal to 1.25 times the amount of the claim. 5 A construction lender is only obligated to withhold funds from an owner/borrower if properly served with a bonded stop notice.

Payment notices In its original form the Construction Act set out that the payer had to give notice specifying the amount of the payment made or proposed to be made, and the basis upon which the amount is calculated.This amount is contained in the payment notice, or the default payment notice, is the notified sum.

A stop notice is a document given for the purpose of stopping, intercepting, or freezing funds that have not yet been paid on a construction project in an attempt to ensure payment.In California, the 20-day preliminary notice must have been sent in order for a Stop Payment Notice to take effect.

Stop Payment Notice By Subcontractor to the Holder of Construction Project Funds

Description Stop Notice

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