Non-construction Company Filing Statutory Public Works Bond With Ccb - Oregon

Non-construction Company Filing Statutory Public Works Bond With Ccb is a legal document that was released by the Oregon Construction Contractors Board - a government authority operating within Oregon.

FAQ

Q: What is a statutory public works bond?
A: A statutory public works bond is a type of bond that non-construction companies must file when performing public works projects in Oregon.

Q: What is the CCB?
A: The CCB stands for the Construction Contractors Board, which is the regulatory body for construction contractors in Oregon.

Q: Who needs to file a statutory public works bond with the CCB?
A: Non-construction companies performing public works projects in Oregon.

Q: Why do non-construction companies need to file a statutory public works bond?
A: To ensure that they fulfill their contractual obligations and pay their subcontractors and suppliers.

Q: What is the purpose of a statutory public works bond?
A: The purpose of a statutory public works bond is to provide financial protection to subcontractors and suppliers in case the non-construction company fails to fulfill their payment obligations.

Q: How does a statutory public works bond work?
A: If the non-construction company fails to pay its subcontractors or suppliers, they can make a claim against the bond to receive payment.

Q: What happens if a claim is made against a statutory public works bond?
A: The surety company that issued the bond will investigate the claim and, if valid, pay the claimant up to the bond amount.

Q: Is a statutory public works bond the same as a performance bond or a payment bond?
A: No, a statutory public works bond is specifically required for non-construction companies performing public works projects, while performance bonds and payment bonds are typically required for construction contractors.