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Bond for Written Contract - Corporation or LLC - Massachusetts

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The document is a bond for a written contract related to construction in Massachusetts, outlining the obligations of a principal and a surety company to ensure payment for labor and materials. It includes sections for identifying parties involved, details about the property, and conditions under which the bond is valid. The bond serves to protect against liens for labor and materials as per Massachusetts General Laws.

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What does $1000 surety bond mean?

A surety bond is a legally binding agreement that guarantees performance, compliance or even payment. It is not considered insurance. The agreement is composed of three parties: the obligee entity requiring the bond, the principal individual applying for the bond and the surety entity who is issuing bond.

What does it mean to be bonded as an LLC?

Being bonded means that an insurance and bonding company has procured funds that are available to the customer contingent upon them filing a claim against the company.

What is an LLC bond?

An LLC bond is for the benefit of any employee or worker who may have incurred financial damages as a result of the companys failure to pay wages, fringe benefits, or other financial contributions as outlined in the California Business and Professions code.

What is bond LLC?

An LLC employee/worker bond serves those employed by an LLC construction business in the event they are not compensated properly for performed work including wages, interest on wages, fringe benefits, welfare fund contributions, and apprentice program contributions.

What is the minimum required bond amount for a lender in Massachusetts?

Whats the difference between a Bonding Company and Bonding Agency. The Bonding Company is the Surety. They are the ones who actually make the guarantees and promises found in the Bid, Performance, and Payment Bonds. The Bonding Agency works with you to find the best fit for the right Bonding Company.

What is the purpose of a bond for a business?

Also known as business bonds and commercial surety bonds, commercial bonds are agreements that protect businesses. Theyre generally required by state laws for various industries, and guarantee some aspect of a principals occupation.

What are the requirements for a contractor bond in Massachusetts?

Your out-of-state contractor license bond must have a penal sum equal to 6.25% of the total price of the contract. If your contracts price is modified, the bond must be altered, too, to maintain this percentage. This bond must remain active for six months after the contracts completion.

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