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What is a payment bond and a Performance bond?
Performance bonds protect the obligee (obligee is the entity requiring the bond)Requiring a performance and payment bond will insure that the project will be completedIf the principal defaults in its performance set forth in the contract to the obligee and the contractor is unable to successfully perform the job, the surety assumes the contractor's responsibilities and ensures that the project is completed. Below are the four types of contract bonds that may be required1. Bid Bond which guarantees that the bidder on a contract will pierce into the contract and equip the mandatory payment along with performance bonds. 2. Payment Bond which guarantees payment from the contractor of money to persons who furnish labor, materials equipment and also supplies for use in the performance of the contract. 3. Performance Bond which warranties that the contractor will hold out the contract in pact with its terms. 4. Ancillary Bonds which are auxiliary as well as crucial to the performance of the contract. Source http://www.integritybonds.com
What is the amount of down payment a contractor can charge in Cincinnati OH?
Some people enjoy eating cheese
What is the typical payment terms for a contractor?
Figure out the cost of materials,and double it. That should cover all the materials, and labor.
What is mobilisation guarantee and advance payment guarantee?
In civil construction projects advance is given to the contractor which is known is as Mobilization Advance. It is normally 15% of the total contract value. The prerequisite for the issue of advance is that contractor has to provide a guarantee in the shape of Bank or Insurance equal to the amount being issued to the contractor. Mobilization advance is deducted from the bills of contractor in equal installments covering the project period. On completion of recovery Guarantee provided by the contractor is released.
What is uncollected funds hold?
An "Uncollected Funds Hold" means that the funds were in the account at the time the check was presented for payment. However, the funds were on hold and could not be released. This is considered the same as an NSF, or Not-Sufficient Funds.
Can i the contractor take off the work done for failure to make payment?
The contractor can not damage any property. However, you should pay your contractor, he can sue you for non payment.
Why there is delayed payment of workers?
no collection from contractor
What is a contractor service agreement?
A contractor service agreement is an agreement between a contractor and a person or group that this contractor wishes to do work for. It states who the contractor and person or group is, the specifics of the job and timeline for the job, how much the contractor will be paid and what method of payment will be used to pay the contractor.
Does General contractor liability insurance cover default of payment to subcontractor?
no
What's a reasonable down payment when hiring a roofing contractor?
As per law, the reasonable down payment for a roofing contractor will be 10 percent of the contract price or one thousand dollars whichever is the lesser amount
What is the maximum amount a contractor can charge for late payment?
The maximum amount a contractor can charge for late payment varies by jurisdiction and contract terms. It is important to review the contract for specific late payment clauses and check local laws for any limitations on late fees.
What is a payment bond and a Performance bond?
Performance bonds protect the obligee (obligee is the entity requiring the bond)Requiring a performance and payment bond will insure that the project will be completedIf the principal defaults in its performance set forth in the contract to the obligee and the contractor is unable to successfully perform the job, the surety assumes the contractor's responsibilities and ensures that the project is completed. Below are the four types of contract bonds that may be required1. Bid Bond which guarantees that the bidder on a contract will pierce into the contract and equip the mandatory payment along with performance bonds. 2. Payment Bond which guarantees payment from the contractor of money to persons who furnish labor, materials equipment and also supplies for use in the performance of the contract. 3. Performance Bond which warranties that the contractor will hold out the contract in pact with its terms. 4. Ancillary Bonds which are auxiliary as well as crucial to the performance of the contract. Source http://www.integritybonds.com
Who pays the performance and payment bonds?
The contractor typically pays for performance and payment bonds. These bonds provide financial protection for project owners by ensuring that the contractor completes the project as per the contract terms and pays subcontractors and suppliers.
What minimum payment amount does company need to request a w9 form from contractor?
600
How does a sub contractor in Nevada get paid by general contractor?
If the general contractor refuses to pay, you must sue the contractor for payment. You may also sue his bonding company, if he has one. If your dispute exceeds small claims, see a real estate attorney right away.
Whether principal employer has any liability for making payment reimbursement of bonus for the contractor worker as per payment of bonus act 1965?
it is booo
What is the best way to pay the final contractor payment after final inspection is done by city and remodeling is acceptable?
Speaking as a contractor, cash is preferred, but a personal check will suffice.
