DOT Form 134-090 Retainage Bond - Washington

What Is DOT Form 134-090?

This is a legal form that was released by the Washington State Department of Transportation - a government authority operating within Washington. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is DOT Form 134-090?A: DOT Form 134-090 is a Retainage Bond specifically for projects in the state of Washington.

Q: What is a Retainage Bond?A: A Retainage Bond is a type of surety bond that guarantees payment of retainage, which is a portion of the contract amount withheld until the completion of the project.

Q: Who uses DOT Form 134-090?A: DOT Form 134-090 is typically used by contractors or subcontractors working on construction projects in Washington that require retainage.

Q: Why is a Retainage Bond necessary?A: A Retainage Bond provides assurance to the project owner that the contractor or subcontractor will fulfill their obligations and complete the project as per the contract terms.

Q: How does the Retainage Bond work?A: If the contractor or subcontractor fails to complete the project or fulfill their obligations, the project owner can file a claim on the Retainage Bond to recover the withheld retainage amount.

Q: Is DOT Form 134-090 specific to Washington?A: Yes, DOT Form 134-090 is specific to construction projects in the state of Washington.

Q: Are there any requirements or qualifications to obtain a Retainage Bond?A: Requirements and qualifications may vary depending on the surety bond provider, but generally, financial stability and a good credit history are important factors.

Q: Is a Retainage Bond the same as a performance bond?A: No, a Retainage Bond and a performance bond are two separate types of surety bonds. A performance bond guarantees that the contractor will complete the project according to the contract, while a Retainage Bond specifically covers the withholdings of retainage.

Q: What are the benefits of using a Retainage Bond?A: Using a Retainage Bond provides financial protection to the project owner and ensures that subcontractors and suppliers are paid the retainage amount they are entitled to.