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The document is a Performance and Payment Bond Form prescribed by the State of Ohio for public facility construction, ensuring that the Principal will fulfill contractual obligations and pay all lawful claims from subcontractors, material suppliers, and laborers. It outlines the conditions under which the bond is valid, including the responsibilities of the Surety and stipulations regarding contract modifications.

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What is a bond form?

A bond form with regard to surety bonds is the document that states the purpose of the bond, the bond penalty, the term, outlines the conditions of the bond, and specifies the parties involved in the agreement. The bond form is a legal document and must be accepted by all parties to the agreement.

What does it mean to form a bond?

How to Fill Out a Surety Bond Form Bond Number. The bond number is the unique identification number assigned to your bond. Bond Premium. This is the cost of your bond, typically calculated as a percentage of your bond coverage. Principal Name. Surety Name. State of Incorporation. Obligee Name. Bond Amount. Bond Obligation.

How much does a $5000 surety bond cost?

For applicants with good credit, surety bonds usually cost between 1% and 5% of their value. Therefore, for a surety bond of $5,000, an applicant with a strong credit history can expect to pay between $50 and $250.

How do I bond someone out of jail in Ohio?

Ohio law requires bond depositors to pay an $85.00 fee, which is not refunded if the defendant is found guilty. Bonds may be posted in the Clerk of Courts office Monday through Friday from 8:30 AM to 4:30 PM. For after-hours bonds, call the jail at (513) 785-1000.

How do I get a bond in Ohio?

Getting Bonded in Ohio You can now simply contact a bond provider by phone or online in order to fill out an application. If youre not sure of the type of bond that you need, bond companies can guide you through the steps required to select the right bond for you or your business.

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