Kings New York Demand Bond

Name: Kings New York Demand Bond
Brand: US Legal Forms
Rating: 4.67 (494 reviews)

Category:

Civil Procedure - Bonds

State:

Multi-State

County:

Kings

Control #:

US-00415BG

Format:

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.

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FAQ

Calling on a performance bond should result in swift receipt of the bond amount by the beneficiary. However, there are risks involved in making calls on performance bonds, which can result in complex proceedings leading to delay and cost.

A supply bond is one of many contract bonds that ensures a supplier will produce the supplies or materials specified in the contract. If the supplier were to default, the bond protects the purchaser from any losses.

How Does a Payment Bond Work? Payment bonds are purchased by contractors, from a surety, who they pay a premium relative to the bond requirement. The bond then acts as a guarantee that if an issue arises, the parties involved in a project can be repaid for damages up to the required amount of the bond.

An On Demand Bond1 is as an unconditional undertaking to pay a specified amount to a named beneficiary, usually on demand and sometimes on the presentation of certain specified documents.

Performance bonds can only be called when the contractor has breached the building contract, as opposed to on demand bonds which can be called at any time, regardless of fault.

While a performance bond usually entitles the creditor to payment upon the simple presentation of a demand, a guarantee depends upon the liability of the primary debtor, and payment under the guarantee may be delayed until the existence of the liability is established in Court.

The Payment Bond protects certain laborers, material suppliers and subcontractors against nonpayment. Since mechanic's liens cannot be placed against public property, the payment bond may be the only protection these claimants have if they are not paid for the goods and services they provide to the project.

Related Content. Also called an advance payment bond. A contract under which the issuer undertakes to be responsible for the fulfilment of a contractual obligation owed by one person to another if the first person defaults.

A payment bond and a performance bond work hand in hand. A payment bond guarantees a party pays all entities, such as subcontractors, suppliers, and laborers, involved in a particular project when the project is completed. A performance bond ensures the completion of a project.

The phrase performance bond is often misleading. Most construction performance bonds are actually guarantees. Bonds and guarantees are related but they are very different legal instruments. The right to claim under a guarantee is linked to non-performance of the underlying contract.

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Kings New York Demand Bond

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FAQ

What happens if a performance bond is called?

What does supply bond mean?

How does a bond payment work?

What is an on demand bond?

When can a performance bond be called?

What is the difference between performance bond and bank guarantee?

Why is a payment bond required?

What is advance payment guarantee?

What is the difference between payment guarantee and performance guarantee?

Is a bank guarantee the same as a performance bond?

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