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Bond Claims could be the most important receivable document your company ever files

A Bond Claim in the construction context is a notice against a prime contractor’s surety company that a claimant is owed money on a project.  In nearly all government projects exceeding a certain contract amount, the contractors that have a contract with the owner are required to obtain a bond that ensures that everyone performing work on the project will be paid in full.  Since government property generally cannot be liened upon, the surety bond obtained by the prime contractor provides a mechanism for subcontractors and suppliers to obtain security that their claims will be paid.  Generally, the bond claim must be submitted within a certain time frame required by Statute or by the terms of the bond itself. In some States, the bond claim is an additional remedy to a government mechanics lien, or municipal mechanics lien.

  • Bond claims must be completed within a limited time period.
  • Bonds claims guarantee payment of amounts due and owing.
  • Bonds are usually personally guaranteed, so claims are resolved quickly.
  • Insurance companies issue the bonds, so there are no bounced checks
  • Bond rights can be limited, so the earlier the claim is filed, the better.

 

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