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Old 07-08-2008, 11:06 AM
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Default Release of Final Bond
Who decides when a final bond is released? The obligee?
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Old 07-22-2008, 05:25 PM
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Default Performance Bonds
Quote:
Originally Posted by Bond Magician
Who decides when a final bond is released? The obligee?
Really it's both the Obligee and the Surety. Usually a General Status Inquiry is sent to the Obligee at the end of a job to determine the final contract amount and the completion date. When received, it gets forwarded to Surety to officially release the bond from your bond line. The obligee may require a Consent of Surety to Final Payment which, for them, officially releases the bond.

Hope that makes sense!
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