Contract Bond
Defined in the standard specifications of 2 state transportation agencies. Each definition below is the agency’s own text, with the section it comes from — they do not all say the same thing, and on a contract the difference is the point.
Definitions are quoted from state-authored public specification books. This page carries no I-Code-derived terms.
The security furnished by the Contractor and the surety as a guaranty that the Contractor shall fulfill the terms of the Contract and pay all legal debts pertaining to the construction of the project. Contract Claim (Claim). A written demand submitted to the Department by the Contractor in compliance with 5-12.3 seeking additional monetary compensation, time, or other adjus tments to the Contract, the entitlement or impact of which is disputed by the Department.
Section 1 — DEFINITIONS AND TERMS →The approved form of security in compliance with RSA 44 7:16 executed by the Contractor and the Surety or Sureties, guaranteeing complete execution of the Contract, including the payment of all legal debts pertaining to the construction of the project. See 103.05.
Section 101 — DEFINITIONS AND TERMS →