Use this screen to maintain information regarding subcontractor bonds. A bond promises reimbursement if an agreement is not fulfilled or a promised payment is not made.
Each vendor/project/ bond type combination can exist only once. If more than one bond exists for the same vendor/ project/bond type combination, use the New Line button on the toolbar to enter more than one bond on this screen.
When you select the Required for Payment checkbox, vouchers for this vendor cannot be released for payment until the voucher is evaluated against the required start and end dates, and the effective date and expiration date of the bond. To learn more about subcontractor status, please see Special Topic AP-11, "Subcontractors."
Use this screen when entering information regarding a new bond for a subcontractor.
Use Lookup, Find, or Query to select the vendor to whom the bond applies. Only vendors designated as subcontractors in the Subcontractor Payment Control subtask of the Maintain Vendors screen will be available. These fields will display the vendor ID, name, and location.
Use Lookup, Find, or Query to select the project to which the bond applies. These fields will display the project ID and project name.
Use the fields in this group box to select the bond requirements for this vendor/project/bond type combination. If more than one type of bond is required, create and save a new vendor/ project/bond type combination
Use this drop-down box to select a bond type for new vendor/project/bond types. These bond types were created in the Maintain Subcontractor Bond Types screen. Two bond types, "BID" (bid) and "PERF" (performance), are pre-loaded into Costpoint. For existing vendor/project/bond types, this field will already be populated. This field is required.
Select this checkbox to require bond coverage before payment is made to this subcontractor/ project/bond type combination. Bond coverage will be required for any of this vendor's projects that fall under the selected project. Please see Special Topic AP-11"Subcontractors," for more information. Leaving this checkbox empty will allow your vendor to receive payment under any bond circumstances, including no bond.
Required. If you selected the Required for Payment checkbox, enter the start date of the period when the bond is required. Any payments made before this date will be processed as normal vendor payments.
Required. If you selected the Required for Payment checkbox, enter the ending date of the period when the bond is required. Any payments made after this date will be processed as normal vendor payments.
Use this table to enter information about specific bonds held by subcontractors. Use one row for each bond.
Enter the unique identifying number of the subcontractor's bond. Although this field is not required, Deltek recommends completing all bond information.
Required. Enter the beginning date of coverage for this bond.
Required. Enter the ending date of coverage for this bond.
Enter the amount for which the bond was written.
Enter notes for this bond.