Performance and Payment Bond Checklist by cu0Y5Y


									                     PERFORMANCE AND PAYMENT BOND CHECKLIST

Date Reviewed:
Contractor’s Legal Name:
Project Name:
Project No.:


       Bond issued on acceptable performance and payment bond forms
       Bonds have correct contractor legal name
       * Check Secretary of State’s website: (Business Division)
       Surety company meets County’s A.M. Best minimum requirement
       *Check rating at (Ratings & Analysis)
       Three original sets of bonds received
       Bond number included on all bonds
       Amount of each bond is for 100% of the contract amount
       Contract date on bonds matches the contract
       Description of the project matches the contract
       Signed and sealed date on the bonds is on or after the contract date
       Bonds signed by officer of Principal
       Principal officer’s signature is attested/witnessed
       Principal has affixed corporate seal to all bonds (near signature of Principal)
       *If no corporate seal, must have letter from the President/Owner of the company stating they
       do not have a corporate seal
       Name of surety on bonds matches the surety’s power of attorney form
       Bonds are signed by an Attorney-in-Fact on behalf of the surety
       *Attorney-in-Fact must sign the bonds exactly as their name appears on the power of
       attorney form
       Attorney-in-Fact’s name is printed or typed below their signature, along with the title
       Surety’s signature is witnessed
       Surety’s seal is affixed on all bonds (near Attorney-in-Fact’s signature)
       Verify with the surety company that the bond is valid
       *Go to and find the surety. The surety’s home
       office phone number is included in the listing.
       * Confirm Surety Company is licensed:


       POA attached to bonds is from the same Surety shown on bonds
       Name of Attorney-in-fact who signed the bonds is listed on POA
       POA has Surety’s raised corporate seal affixed
       *It cannot be part of the printed document
       If the POA has colored print, or is on colored paper, make sure all POA’s are originals, not
       POA is dated with the same date as the signed and sealed date on the bonds

To top