Transcription of 44 appendix final - fullertonlaw.com
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44 appendix final - fullertonlaw.com
appendix 44 | Construction Law Survival Manual | | James D. Fullerton, Esq. 609 Construction Bonds on Public Projects (Reprinted with permission from NACM s Manual of Credit and Commercial Laws, 104th edition) What is a construction surety bond ? A bond is a contract or a guarantee agreement which contains the promise of a third party, a bonding company or surety, to pay a fixed sum if certain acts are not performed. The acts are typically non-performance or non-payment. A surety bond is not an insurance policy. Rather, a surety bond is a guarantee, in which the surety guarantees that the contractor, called the principal in the bond , will perform the obligation stated in the bond .
APPENDIX 44 | Construction Law Survival Manual | www.FullertonLaw.com | James D. Fullerton, Esq.!611 Obtaining Copies of Payment Bonds Under the Miller Act, a subcontractor or supplier has the legal right to obtain a copy of the bond which
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