A bond claim in the construction industry is a legal tool used by subcontractors, suppliers, and other parties involved in a construction project to seek payment for work completed or materials provided. When a contractor fails to pay for services rendered, a bond claim can be filed against the payment bond that the contractor has secured to ensure the completion of the project. This protects the parties involved from financial loss if the contractor defaults on their payment obligations.To file a bond claim, the claimant must follow specific procedures outlined by state laws and the terms of the payment bond. This typically involves providing notice to the contractor and the bonding company, submitting a claim form with detailed documentation of the work completed or materials provided, and meeting any deadlines set forth in the bond agreement.
What is Bond Claim?
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