Costpoint Online Help

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Bonds Subtask

Use this subtask of the Subcontractor Payment Control block to maintain information regarding subcontractor bonds.

A bond promises reimbursement if an agreement is not fulfilled or a promised payment is not made.

If more than one bond exists for the same vendor/project/bond type combination, click to enter more than one bond on this screen.

When you select the Required for Payment check box, vouchers for this vendor cannot be released for payment until the voucher is evaluated against the required start and end dates, as well as the effective date and expiration date of the bond.

To learn more about subcontractors, see Subcontractors.

Use this subtask when entering information regarding a new bond for a subcontractor.

Contents

Field Description
Project

Enter, or click to select, the project to which the bond applies. The field on the right displays the project name.

Bond Type

Enter, or click to select, a bond type for new vendor/project/bond types. These bond types were created on the Manage 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 is already populated.

Required for Payment

Select this check box to require bond coverage before payment is made to this subcontractor/project/bond type combination. Bond coverage is required for any of this vendor's projects that fall under the selected project. Leaving this check box cleared allows your vendor to receive payment under any bond circumstances (even if there is no bond).

Required Start Date

If you selected the Required for Payment check box, enter, or click to select, the start date of the period when the bond is required. Any payments made before this date are processed as normal vendor payments.

Required End Date

If you selected the Required for Payment check box, enter, or click to select, the ending date of the period when the bond is required. Any payments made after this date are processed as normal vendor payments.

Bond Information

Use this table window to enter information about specific bonds held by subcontractors. Use one row for each bond.

Field Description
Bond Number

Enter the unique identifying number of the subcontractor's bond. Deltek recommends completing all bond information.

Effective Date

Enter, or click to select, the beginning date of coverage for this bond.

Expiration Date

Enter, or click to select, the ending date of coverage for this bond.

Amount

Enter the amount for which the bond was written.

Notes

Enter notes for this bond.