Social Security Disability (SSD) payments are based on what you have paid in taxes. The government gives you credits when you work. Each year, you can earn up to 4 credits (one for each quarter of the year). You earn credits based upon how much money you earn. For example, in 2010, a worker will earn one credit for every $1,120 they earn and report as wages on their taxes.
In order to file a claim, subcontractors, suppliers and laborers must follow a number of procedures so that their claim is accepted. Before filing a payment bond claim, they must file a preliminary notice of a claim, within a period of time after the completion of their work.
The bond size and your likelihood of causing bond claims are used to calculate premium. Bond companies determine your odds of causing claims by looking at your line of work, personal credit and industry experience. Keep in mind, youâre responsible to pay for bond claims in full (including legal costs). Find out additional reasons why you should avoid bond claims at all costs.