Development Command Center 17 items
Surety Bond (Payment & Performance) Verification Checklist
A checklist for verifying payment and performance bonds on public and private construction contracts before award and during the project.
Miller Act 40 USC 3131AIA A312State Little Miller Acts
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Bond Requirements
- Are performance and payment bonds required by the contract or statute? *
- Do bond penal sums meet the required percentage of the contract value (commonly 100%)? *
- Are the bond forms the specified versions (e.g., AIA A312)? *
- Do the obligee, principal, and contract references match the contract documents exactly? *
Surety Qualification
- Is the surety listed on the U.S. Treasury Department Circular 570 (federal work)? *
- Is the surety's underwriting limit adequate for the bond amount? *
- Is the surety licensed/admitted in the project jurisdiction? *
- Is the surety's financial rating (e.g., A.M. Best) acceptable? *
Bond Execution
- Are the bonds signed by the principal and an authorized attorney-in-fact? *
- Is a valid, dated power of attorney attached to each bond? *
- Is the surety's corporate seal affixed where required? *
- Are bond effective dates consistent with the notice to proceed? *
Ongoing & Claims
- Are bond riders obtained for material change orders increasing the contract value? *
- Are claim notice procedures and deadlines documented for the payment bond? *
- Is the surety notified promptly of default or performance concerns? *
- Are original executed bonds retained in the project file?
- Verifier signature
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