What is the penal sum of a bond?

The penal sum is the maximum amount set forth in the bond which the surety will be required to pay in the event of the principal's default. 2. Generally, the penal sum is the amount of the contract entered into between the principal and the obligee.

Where do I file a bond?

The process varies by state, but in general you must file your bond either with your state's commissioning official, or the county clerk in the county in which your principal place of business is located or in which you reside.

How do I file a bond claim in California?

Visit the California Contractors State Licensing Board website (see Resources), and search for the name of your contractor's surety bond company to obtain the company's contact information. Contact the surety bond company and request information on how to file a claim.

King Washington Bond Claim Notice

Name: King Washington Bond Claim Notice
Brand: US Legal Forms
Rating: 4.85 (344 reviews)

Category:

Construction - Contractors - Bonds

State:

Multi-State

County:

King

Control #:

US-CONST3

Format:

Instant download

Description

This form may be completed and used by a subcontractor or supplier who has not been fully paid on a project and is seeking payment from the surety (insurer) under the terms of a payment bond. In construction, a payment bond is a bond on the general contractor to ensure payment to subcontractors and suppliers.

How to fill out King Washington Bond Claim Notice?

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FAQ

Typically, bond claims are filed by sending the claim via certified mail, return receipt requested to the required parties. The required parties that must receive the claim will vary by state, but it will be some combination of the GC, the surety, and the property owner/public authority.

A bond claim is a claim against a surety bond that has been provided for the purpose of ensuring payment, generally by the prime contractor. These are most common when working with governments and public projects.

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.

A payment bond is a type of surety bond issued to contractors which guarantee that all entities involved with the project will be paid. A payment surety bond is a legal contract, a type of bond, that guarantees certain employees, subcontractors, and suppliers are protected against non-payment.

The penal sum is the maximum amount set forth in the bond which the surety will be required to pay in the event of the principal's default. 2. Generally, the penal sum is the amount of the contract entered into between the principal and the obligee.

The process varies by state, but in general you must file your bond either with your state's commissioning official, or the county clerk in the county in which your principal place of business is located or in which you reside.

The bond process happens fairly quick, usually 25-45 minutes and the time it takes to get the person released after the signing of the bond, it is usually about 1-4 hours.

How to File a Bond Claim in WA Step 1: Send a Preliminary Notice to the Contractor.Step 2: Send a Notice of Intent to the Contractor for a Bond Claim in Washington State.Step 3: File a Payment Bond Claim.Step 4: Enforce the Payment Bond Claim.

Visit the California Contractors State Licensing Board website (see Resources), and search for the name of your contractor's surety bond company to obtain the company's contact information. Contact the surety bond company and request information on how to file a claim.

Call your bonding company -- or the broker or agent who arranged the bond for you -- to inform the company that you no longer need the bond and want it released.Fill out the bond release request form you receive from the bonding company and return it.

More info

(Carlton Fields, P.A. – Miami) and. In other words, you can't lien the King's property.Claims. – Pre-default origins. Hours of operation vary. Attempted Delivery Notices 1-888-273-8876. The payment bonds generally have specific notice requirements. The Des Moines Register is the number one source for Des Moines and Iowa breaking, politics, business, agriculture, Iowa sports and entertainment news. Elvis Aaron Presley (January 8, 1935 – August 16, 1977) was an American singer and actor.

King Washington Bond Claim Notice

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