All contractual obligations guarantee the performance and payment of contractual obligations. The construction loan works for the obligatory, usually a public body, in order to protect a project from not being completed or not fulfilling the project specifications of the contractor who received the task. This link binds the contractor to the project and ensures that its performance meets the specifications. As an agent, as a contractor and as a guarantee, there are many terms to understand. Here is a simplified list of the terminology of contractual obligations: a bond purchase agreement is a document that defines the terms of a sale between the bond issuer and the bond agent. A bond purchase agreement (EPS) is a contract that contains certain clauses that are executed on the day of the valuation of the new bond issue. The terms of a BPA include: Offer results: If the requirement is for a performance obligation, always ask for the results of the offer. Prior to the performance obligation, we would like to know if our contractor`s offer was in line with other bidders. If z.B our contractor offered 100,000 USD and all the other bidders were 120,000 USD or more, we need to ask a few questions.
Were there any mistakes? What do they earn at work? Why are others so much higher? How is the engineer appreciated? Keep in mind that not all contracts are offered competitively. Some are being negotiated, so there would be no other bidders. Similarly, some private owners or general contractors cannot publish other offers after the fact. Contract price: if the requirement is an obligation to offer, it is the estimate of the amount of the offer. Since the contractor may not yet set all prices, this figure may be an estimate at the time of demand. The estimates are correct, just make sure they are at the upper end of the area. If it is a performance obligation, you will tell the surety what the final price of the contract is. Bond/Payment Bond/Percentages performance: Most, but not all, contracts require 100% performance and 100% payment obligation. Some ask only for a performance show.
Some only need a 50% payment obligation. Finally, some contracts, regardless of the amount of the contract or, in unusual cases, require only a lump sum for the performance obligation greater than the contract. Percentage of Bid Bond: Offer bonds are usually 5%, 10% or 20% of the offer. Hand-working: This information is often lacking in many loan applications. This figure represents the holder`s workload at the time of the loan application. The number required is the estimated cost to complete all outstanding work. If the contractor. B has a contract worth $100,000, and 90% of the contract is 90%, the estimated cost of the contract is approximately $10,000. The number of registration data is often an estimate, unless the contractor performs monthly work and can provide specific information.
No matter how it is presented, working on hand information is an important part of the inerwriting process. It indicates the contractor`s current exposure, the size of the working capital and net assets of the contractor at this time, whether the contractor has sufficient staff or equipment to handle additional work, etc. We need to know how much of the unfinished business is bound by us and by others, and how much is not related. maintain and constrain the subsidiaries concerned, or encourage them to maintain and ensure that the available borrowing capacity is maintained and implemented under one or more borrowing agreements of sufficient amounts to carry out their respective operations in good form and to comply with their respective subsidiaries and to respect all the essential conditions of each loan agreement. A contractual loan is a guarantee that the terms of the contract are met. If the counterparty does not meet its obligations in accordance with the agreed terms, the “owner” of the contract may claim the recovery of the financial losses