Real estate developments and construction projects regularly require payment and performance bonds from contractors that are seeking to be hired for a project. There are many misconceptions about what these obligations are. The purpose of the payment and performance bonds is to mitigate the project owner’s risk.
The plain language of a performance bond requires the surety to take over a project and arrange for the completion of the work in the event of a contractor termination or abandonment of a project.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
