There are typically three types of contractor’s bonds associated with a construction project: a efficiency bond, a payment bond, and a licensing bond. If a contractor abandons a job, flees the state, or fails to complete their obligations, an applicable bond would cover this as much as the bonding amount. Awarded to Wyman & Simpson of Richmond, Maine on October eleven, 2016. Awarded to the following contractors on October 31, 2016: Prock Marine Company of Rockland, Maine; Stetson & Watson of Holden, Maine; Chesterfield Associates, Inc.

As soon as the contractor completes the work, the proprietor should acquire the following earlier than making any ultimate cost: (1) A remaining launch of lien from the contractor and all sub-contractors, suppliers and materialmen; (2) A duplicate of the certificates of completion from the county or municipality exhibiting that the work has been inspected and approved; (3) A Discover of Termination terminating the unique Discover of Graduation (not crucial, but if there is a planned sale or refinance inside a yr of starting the work it is going to be required); (4) A replica of all warranties, including warranties from the producers of items installed and from the contractor; and (5) A punch …