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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.
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 ...
OCIPs are also frequently referred to as "wrap-up insurance" or "wrap policies" in the insurance industry. [1] [4] The traditional method for insuring construction consisted of each general contractor (GC) and subcontractor obtaining their own insurance policies from any provider of their choosing. In turn, they would build their policy ...
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.
Based on data sourced by Bankrate from Quadrant Information Services, the average cost of car insurance in Ohio is $398 for state-mandated minimum coverage, while full coverage, including ...
Bond insurance, also known as "financial guaranty insurance", is a type of insurance whereby an insurance company guarantees scheduled payments of interest and principal on a bond or other security in the event of a payment default by the issuer of the bond or security.
Insurance fraud: If at any point a policyholder is found to have caused intentional damage in order to submit a fraudulent claim or takes any action that goes against the insurance policy contract ...
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 .