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Sep. 24—Santa Fe County commissioners on Tuesday voted to support issuing up to $70 million in revenue bonds for the benefit of a proposed 312-unit affordable housing project south of the city.
A payment bond is a surety bond posted by a contractor to guarantee that its subcontractors and material suppliers on the project will be paid. [1] They are required in contracts over $35,000 with the Federal Government and must be 100% of the contract value. [2] They are often required in conjunction with performance bonds.
Sep. 24—Santa Fe County commissioners on Tuesday voted to support issuing up to $70 million in revenue bonds for the benefit of a proposed 312-unit affordable housing project south of the city.
In the United States construction industry, contract agreements are usually written to allow the owner to withhold (retain) the final payment to the general contractor as "retainage". [3] The contractor is bound by the contract to complete a list of contract items, called a punch list, in order to receive final payment from the owner.
A lien release, also known as a release of lien or a cancellation of lien, is a document that may be voluntarily provided by a lien claimant, such as a subcontractor, in exchange for payment or a promise of payment from a general contractor or a property owner. Negotiations may be tricky, as lien claimants generally want to be paid before they ...
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The bond penalty is subject to full or partial forfeiture if the winning contractor fails to either execute the contract or provide the required performance and/or payment bonds. The bid bond assures and guarantees that, should the bidder be successful, the bidder will execute the contract and provide the required surety bonds .
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