Enrique del Barrio / Adobe Stock Construction Trends: Surety Bonds on Private Construction Projects
Private project owners have become increasingly interested in taking advantage of the same protections that public owners historically have had, by requiring surety bonds. While the cost can be a deterrent, when compared to the price of project failure, the cost of the bonds is relatively minor.
April 22, 2021 at 10:00 AM
7 minute read
A failed contractor means a failed project and a financial disaster. With every contractor failure looms the potential for abandoned and delayed projects, increased financing costs, capital calls, lender issues, lost buyers or tenants, litigation, clouds on title and foreclosure. Surety bonds reduce the risk of these common problems.
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