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Omb no 0702 088 performance bond

Omb no 0702 088 performance bond-2026

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The document is a Performance Bond form approved by the Department of Defense, outlining the obligations of a Principal and Surety to ensure financial protection for the U.S. Government in case of non-performance in government contracts related to transportation services. It details the bond's execution process, conditions, and requirements for cancellation.

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Click ‘Get Form’ to open the omb no 0702 088 performance bond in the editor.
Begin by entering the Bond Number in the designated field at the top of the form.
Next, input the Date Bond Executed using the MM/DD/YY format.
Fill in the Principal's full legal name, SCAC, and address in the corresponding section.
Indicate the Type of Organization by selecting from options such as individual, partnership, joint venture, or corporation.
Enter the State of Incorporation for the Principal.
Provide the Surety(ies) name and address accurately.
Specify the Sum of Bond using figures only, following the example provided on the form.
Input the Effective Date of the bond in MM/DD/YY format.
Ensure that all required signatures and corporate seals are affixed before finalizing your document.

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Versions	Form popularity	Fillable & printable
1999	4.8 Satisfied (232 Votes)

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How do you validate a bond?

Steps to Validate a Specific Bond Directly contact the surety company using verified contact details. Provide essential information, including the principals name, bond number, project details, and obligee information, for the validation process.

How can you tell if a bond is legitimate?

How can you tell if a bond is legitimate? Check the Surety Company: A legitimate bond is backed by a surety company authorized to operate in your state. You can verify the surety company by checking with the Washington Office of the Insurance Commissioner or looking at the US Treasury Departments Circular 570 list.

What is a performance bond used for?

A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin.

Who will pay the performance bond?

The project owner triggers the bond claim process by notifying the surety company that issued the performance bond. The surety investigates, validating the subcontractors claim and the mechanics lien. The general contractor seeks legal advice to navigate their rights and obligations.

How to verify a performance bond?

One of the best ways to protect against agent fraud is to contact the surety company who issued the bond. They will likely ask the bond number and bond amount. Ask them to verify that the bond is both valid and active.

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How to check surety bond?

Owners and obligees should contact Merchants Bonding Company directly to verify that a surety bond has been duly authorized and issued.

How to determine bond performance?

A bond pays a certain rate of interest at periodic intervals until it matures. An investor can use cumulative interest to calculate a bonds performance by summing the interest paid over a set period. However, there are other more comprehensive methods, such as effective annual yield.

Omb no 0702 088 performance bond-2026

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