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Form BC1241 Performance Bond - Illinois
What Is Form BC1241?
This is a legal form that was released by the Illinois Department of Transportation - a government authority operating within Illinois. As of today, no separate filing guidelines for the form are provided by the issuing department.
FAQ
Q: What is a BC1241 Performance Bond?
A: A BC1241 Performance Bond is a form used in Illinois to guarantee the satisfactory completion of a construction project.
Q: Who needs to file a BC1241 Performance Bond in Illinois?
A: Contractors or subcontractors who are working on certain public construction projects in Illinois may be required to file a BC1241 Performance Bond.
Q: What does the BC1241 Performance Bond cover?
A: The BC1241 Performance Bond provides financial protection to the project owner in case the contractor or subcontractor fails to complete the project according to the terms of the contract.
Q: How do I obtain a BC1241 Performance Bond in Illinois?
A: To obtain a BC1241 Performance Bond in Illinois, you will need to contact a licensed surety bond company that offers this type of bond.
Q: How much does the BC1241 Performance Bond cost?
A: The cost of a BC1241 Performance Bond can vary depending on the size and complexity of the construction project, as well as the financial stability of the contractor or subcontractor.
Q: Are there any alternatives to a BC1241 Performance Bond in Illinois?
A: In some cases, the project owner may accept alternative forms of security, such as cash deposits or letters of credit, instead of a BC1241 Performance Bond.
Q: What happens if the contractor or subcontractor fails to complete the project?
A: If the contractor or subcontractor fails to complete the project, the project owner can make a claim on the BC1241 Performance Bond to recover their losses.
Q: Can I cancel a BC1241 Performance Bond?
A: A BC1241 Performance Bond cannot be canceled by the contractor or subcontractor once it has been issued.
Q: How long does a BC1241 Performance Bond remain in effect?
A: A BC1241 Performance Bond remains in effect until the completion of the construction project, as specified in the bond.
Form Details:
- Released on August 21, 2020;
- The latest edition provided by the Illinois Department of Transportation;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of Form BC1241 by clicking the link below or browse more documents and templates provided by the Illinois Department of Transportation.
