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Bonds may be provided by a surety company which is licensed by the California Department of Insurance and can cost a premium of $250-$2,250 depending on calculated risk for the required $15,000 bond. [8]
Construction in East Village, San Diego. A "Little Miller Act" is a U.S. state statute, based upon the federal Miller Act, that requires prime contractors on state construction projects to post bonds guaranteeing the performance of their contractual duties and/or the payment of their subcontractors and material suppliers.
Construction of the Pentagon, 1942.. The Miller Act (ch. 642, Sec. 1-3, 49 stat. 793,794, codified as amended in Title 40 of the United States Code) [1] requires prime contractors on some government construction contracts to post bonds guaranteeing both the performance of their contractual duties and the payment of their subcontractors and material suppliers.
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Included in this category are bid bonds (guaranty that a contractor will enter into a contract if awarded the bid); performance bonds (guaranty that a contractor will perform the work as specified by the contract); payment bonds (guaranty that a contractor will pay for services, particularly subcontractors and materials and particularly for ...
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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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