Redlines and Corrected Bond
Redlines and Corrected Bond
(OP)
I've never heard of these terms before... Does anyone know what it means to "submit redlines and corrected bond"?
Thanks.
Thanks.
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Redlines and Corrected Bond
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RE: Redlines and Corrected Bond
RE: Redlines and Corrected Bond
RE: Redlines and Corrected Bond
A corrected bond is a close-out document whereby the actual bond amount (the performance bond and/or payment bond) is reflective of the construction. As an example, suppose a payment bond was initially set to cover all subcontracts, but during the course of construction, the total construction cost increased by 10 percent. Then the payment bond should be increased by 10 percent to reflect the new cost. It becomes moot after all payments to subcontractors have been made and liens released, but in the interim, the bond should reflect the costs. The same is true of a performance bond....if the cost of construction increases, so should the bond.
RE: Redlines and Corrected Bond
Thanks!
RE: Redlines and Corrected Bond
RE: Redlines and Corrected Bond
Nate the Great
www.ceieng.com
RE: Redlines and Corrected Bond