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AIA Forms - G707 Consent of Surety to Final Payment form

An owner may preserve its rights under bonds by obtaining the surety's approval to the contractor for payment and its agreement that final payment will not relieve the surety of any of its obligations.

The difference between an insurance policy and a surety bond policy is that the company that provides the surety bond will go after its insured client for restitution or repayment of the funds that the surety company lost. An insurance provider on the other hand pursues compensation from the person/company who/that caused the loss to the insurer and its client.

The AIA Document G707 ™ Consent of Surety to Final Payment Form is intended for use as a companion to the AIA Document G706 ™, on construction projects where the contractor is required to furnish a bond.

By obtaining the surety's approval of final payment to the contractor and its agreement that final payment will not relieve the surety of any of its obligations, the owner may preserve its rights under the bond.

Using the G707™ Consent of Surety of Final Payment Form can be an important step for a homeowner to consider.

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AIA Forms - G707 Consent of Surety to Final Payment form


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