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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 .
Indiana Code, Title 4, State Offices and Administration, Article 13.6, State Public Works, Chapter 7, Bonding, Escrow and Retainages, sections 4-13.6-7-5 through 4-13.6-7-12; Title 5, State and Local Administration, Article 16, Public Works, Chapter 5, Withholding and Bond to Secure Payment of Subcontractors, Labor and Materialmen; Chapter 5.5 ...
Contractor's license bonds, which assure that a contractor (such as a plumber, electrician, or general contractor) complies with laws relating to his field. In the United States, bonding requirements may be at federal, state, or local level. [21]
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 .
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Third-party fidelity bonds protect businesses against intentionally wrongful acts committed by people working for them on a contract basis (e.g., consultants or independent contractors). In business partnerships, it is the responsibility of the business working as a contractor or subcontractor to carry third-party fidelity bond coverage, though ...
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A large number of absentee ballots and a record turnout delayed the tallies, and polls closed an hour later than much of the state because Lake County is in the Central Time Zone. [46] Early returns showed Senator Barack Obama leading by a potentially lead-changing margin, leaving the race between Senator Hillary Clinton and Obama "too close to ...