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  1. Bond Magician
    Bond Magician is offline Senior Member
    Join Date
    Oct 2007
    Posts
    401

    Release of Final Bond

    Who decides when a final bond is released? The obligee?
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  2. Surety Queen
    Surety Queen is offline Surety Professional
    Join Date
    Oct 2007
    Posts
    558

    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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