Overview:

This tab is used to store information about any contract bonds that are being held regarding this Contract. If your contract does not have any bonds, this tab can be ignored.

Screen Guide:

• Type is the category of bond being held. Please see the note in the previous section regarding new types. Clicking on this field will open the bond editor - see below for more information.
• Bond No is the number that the bond is being held under by the third party. This is manually typed during the creation of a New Bond.
• Amount  is the value of the bond being held.
• Release Date is the intended release date of the bond being held. This can be updated if the situation changes.
• Released is a checkbox that must be manually ticked by opening up the editor and ticking the checkbox. This indicates that the third party has released the bond back to your company.

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Clicking + New Bond or clicking any existing bond will open the above editor.

• Bond Number is the number that the bond is being held under by the third party. This is manually typed during the creation of a New Bond.
• Bond Type is the category of bond being held. Please see the note in the previous section regarding new types.
• Posted Date is the date that the bond was posted to the third party.
• Release Date is the intended release date of the bond being held. This can be updated if the situation changes.
• Amount  is the value of the bond being held.
• Released is a checkbox that must be manually ticked. This indicates that the third party has released the bond back to your company.
• Description & Comments are for reference purposes in regards to the selected bond. Place whatever information your company needs to coordinate posting and releasing of this bond in these fields.

Next Steps:

Once the bond is recorded, be sure to update information as soon as it becomes available to ensure that this record is always up to date. All contracts should be checked for bonds when the project comes to a close.