How do I post a performance bond?

When applying for a performance bond, the surety will require information from the contractor such as: At least two years' worth of financial statements prepared or reviewed by a CPA. A copy of the contract that the performance bond is tied to. An application with the surety company.

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Subcontractor's Performance Bond

Santa Clara California Subcontractor's Performance Bond

Name: Santa Clara California Subcontractor's Performance Bond
Brand: US Legal Forms
Rating: 4.78 (273 reviews)

Category:

Contracts - Performance Bonds

State:

Multi-State

County:

Santa Clara

Control #:

US-1006BG

Format:

Instant download

Description

A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor or, in this case, a subcontractor.

How to fill out Santa Clara California Subcontractor's Performance Bond?

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FAQ

A subcontractor payment bond is a project specific contractual agreement between a subcontractor and a surety by which the surety guarantees payment for the labor and materials contracted for and used by the subcontractor on the project.

When applying for a performance bond, the surety will require information from the contractor such as: At least two years' worth of financial statements prepared or reviewed by a CPA. A copy of the contract that the performance bond is tied to. An application with the surety company.

A performance bond is a type of contract construction bond that guarantees a contractor will complete a project according to the terms outlined in a contract by the project owner, also called the obligee. The obligee can be a city, state, or local government, as well as the federal government or a private developer.

The bond protects against disruptions or financial loss due to a contractor's failure to complete a project or failure to meet project specifications. By submitting a construction bond, the party managing the construction work states they can complete the job according to the contractual policy.

Payment bonds ensure that contractors pay their material suppliers and subcontractors according to their contracts. Performance bonds provide a financial guarantee to project owners that their contractor will perform according to contract terms.

The payment bond forms a three-way contract between the Owner, the contractor and the surety, to make sure that all subcontractors, laborers, and material suppliers will be paid leaving the project lien free. A Payment Only Bond is rarely requested and is usually billed at about 50% of the regular premium.

A performance bond is usually issued by a bank or an insurance company. Most often, a seller is asked to provide a performance bond to reassure the buyer if the commodity being sold is not delivered.

When can you release a performance bond? Generally, as a rule, the performance bond (or bid bond) remains in force until either after practical completion of the works or making good any defects.

More info

For any dispute pursuant to this Bond will be in the Superior Court of Santa. Clara County, and no other place.A contractor can get a surety bond from a company. If the contractor default, the surety company must find another contractor to complete the project. A surety bond ensures contract completion in the event of contractor default. That of course would be a faithful performance bond of the subcontractor. See Elcor Electric's past jobs, project performance, and how they compare to other subs. Find information on past projects, references, and partners. 101-3 Authority of an attorney-in-fact for a bid bond. 28.

Santa Clara California Subcontractor's Performance Bond

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