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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. The term is also used to denote a collateral deposit of good faith money , intended to secure a futures contract , commonly known as margin .
Performance Bond Required: § 2.2-4337. Bond waived for Pre-Qualified Contractors for contracts over $100,000.00 up to corresponding limits. 100% Payment & Performance Bond, certified funds, or cash escrow required for Non-Transportation related contracts exceeding $500,000.00. Transportation related contracts exceeding $250,000.00.
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.
On a fixed-rate bond, for example, the coupon might be 5 percent, so the bondholder would earn $50 annually for every $1,000 in face value of bonds, a typical cost for a bond.
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.
The last two questions on the ballot in Cary this November will ask voters to approve money to help people live and play in the growing town. The $590 million bond package comprises a $560 million ...
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