The issuance of a performance bond protects a party from monetary losses due to failed or incomplete projects. For example, a client issues a contractor a performance bond. If the contractor is not able to follow the agreed specifications in constructing the building, the client is given monetary...
Some service contracts unrelated to construction also require performance bonds. For example, those seeking school bus contracts or to perform janitorial services may require bonding. Whenever a contract requires a performance bond, it's essential to begin the bonding process immediately. It doesn't ...
Upon receipt of the Extend or Pay Request and in accordance with clause 6 of the Bond, it was then up to Etiqa to choose whether to extend the validity of the Bond or to make payment of the secured sum to Goldbell. It was not open for Range to complain about the outcome of the "...
Construction - Performance BondDavid W. Smith
Performance Bond A bond that a company issues to another guaranteeing repayment in case some project fails. For example, suppose a company hires a construction firm to build an apartment building. The construction firm may issue a performance bond to the company. If the apartment building is not...
Construction performance guarantee : performance bond / Awang Ihsan Awang Yunus and Khairul Anuar Maarof 来自 Semantic Scholar 喜欢 0 阅读量: 25 作者:A. Yunus,KA Maarof 摘要: Nowadays in the construction industry, the problems of non-performance by the contractor have become a common thing faced...
For example, inOuyang Houjin et al v Shuicheng County Duge River Mine (2022)andLin Changxiang v Guizhou Guoyuan Mining (2021), the SPC held that the condition precedent to the payer being able to exercise its right of...
The article reports on tests to evaluate the bond performance interaction between ribbed reinforcing bars and concrete when applied to the slipform construction method. The experiments confirm the increase of the anchorage length and the lap length of splices to be in accordance with the true bearing...
What Is a Bid Bond? A bid bond guarantees compensation to the bond owner if the bidder fails to begin a project. Bid bonds are often used for construction jobs or other projects with similar bid-based selection processes. The function of the bid bond is to provide a guarantee to the proj...
A non-surety bond is a type of bond that is issued by a company other than an insurancecompany. This type of bond is often used in the construction industry, and it can be used to guarantee the completion of a project or the payment of damages. In this blog post, we will discuss wh...