Bonds, Construction Bonds
December 11, 2009 by admin · 3 Comments
A primary focus of my work is advising contractors and handling commercial construction litigation. Admittedly, the role of the “bonding company” or “surety” and public contract requirements of a completion bond or a payment bond, are difficult concepts to explain to clients.
But, understanding bond requirements is a key to smaller contractors being able to secure and bid on larger projects. Bonds are basically business insurance insuring the “risk” that a contract is not performed in a required manner. Bonds can cover other contract risks as well.
SuretyBonds.com is a website offering online bond purchasing and a great deal of information. Some of the professionals over there have helped me put together an article on construction bonds that I posted today.
I will follow up with more bond articles in the future addressing the various risk management scenarios where bonds can be used.
Bonds, Construction Bonds originally appeared on About.com Business Insurance on Wednesday, December 2nd, 2009 at 12:53:50.
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