Usually, performance bonds are provided in the real estate industry. These bonds are heavily used in real property construction and development. They protect real property owners and investors from low-quality work that may be caused by unfortunate events, such as bankruptcy or insolvency of the co...
Performance BondsHow does someone ensure that the contractor or construction company they hire will perform according to expectations? Most often, it's done by requiring the one hired to obtain a performance bond. For anyone seeking work in the construction industry, it's crucial to understand how...
In brief, present day performance bonds for construction contracts are more likely to be construed as unconditional or "on demand" so that no proof of breach by the builder is necessary to enable the employer to make a call on the bond. This would be fortified by use of words such as "...
A performance bond, also known as a contract bond or a construction bond, is a type of surety bond that guarantees the completion of a contract or project according to its terms and conditions. It is typically used in the construction industry to protect the project owner or developer from ...
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Surety Bonds, LLC Client Testimonials At Surety Bonds, LLC, we’re committed to helping contractors succeed in the construction industry. Our exceptional service and tailored solutions are designed to address the unique challenges faced by our clients....
We are bonding specialists who, along with over 100 years of combined surety experience, are experts in every area of the surety industry. We offer a number of different bonds, including subdivision bonding for builders and investors creating small housing developments or larger communities. ...
When Contractors are awarded a large project, the project owner usually requires a Contract or Performance Bond. Contract Bonds typically guarantee the contractor’s work quality and that the project will be completed as per the contract. Please call our Contract and Construction Surety Bond Team at...
"Extend or pay" provisions are sometimes used in construction performance bonds and bank guarantees as a way of ensuring that performance security is provided for the period it is needed. Can a beneficiary be stopped from invoking an "extend or pay" provision if the procurer of it (e.g. ...
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