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Development Command Center 17 butir

Surety Bond (Payment & Performance) Verification Checklist

Daftar periksa ini dalam bahasa Inggris.

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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