Form 734-2235 Retainage Bond - Oregon

What Is Form 734-2235?

This is a legal form that was released by the Oregon Department of Transportation - a government authority operating within Oregon. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 734-2235?
A: Form 734-2235 is the Retainage Bond used in Oregon.

Q: What is a Retainage Bond?
A: A Retainage Bond is a type of surety bond that guarantees the completion of a construction project and payment to subcontractors and suppliers.

Q: Who uses Form 734-2235?
A: Contractors and construction companies in Oregon use Form 734-2235 for retainage purposes.

Q: What is retainage?
A: Retainage is a percentage of a construction project's total cost that is withheld by the project owner as a form of security.

Q: Why is a Retainage Bond required?
A: A Retainage Bond may be required by the project owner to ensure that the contractor fulfills all contractual obligations, including payment to subcontractors and suppliers.

Q: How does a Retainage Bond work?
A: If the contractor fails to fulfill their obligations, the project owner can make a claim on the Retainage Bond to recover any losses.

Q: Is Form 734-2235 specific to Oregon?
A: Yes, Form 734-2235 is specific to Oregon and is used for construction projects in the state.

Q: Are there any fees associated with Form 734-2235?
A: Yes, there are typically fees associated with obtaining a Retainage Bond, which may vary depending on the bond provider and the project.

Q: Can Form 734-2235 be used for projects outside of Oregon?
A: No, Form 734-2235 is specific to Oregon and cannot be used for projects outside of the state.