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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Forms - G707 Consent of Surety to Final Payment form - with your computer for ultra-professional paperwork
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AIA
Forms - G707 Consent of Surety to Final Payment form
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