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Subdivision Bond
The subdivision bond is a bond where a guarantee is
given by the subdivision that the construction or the
financial improvements like street, sidewalks, curbs,
gutters, sewers and drainage will be taken place in
contract manner. This subdivision bond is an obligatory
public improvement that the builders, constructors,
and developers compose to their property. This bond
ensures that the obligator and the surety will have
to act as per the bond and also ensures that they have
to complete the subdivision improvements.
These subdivision bonds also insist that the performance
of the obligator will be made with respect of the contract.
The principal is required to obtain a separate bond
form and also make necessary filling of bond amount
in the bond form. The bonding company is required to
make proper investigation before the letter of credit
is drawn.
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