A form of a surety bond specific to construction that guarantees the performance of the builder, or principal, according to project specifications. The bond amount, or penal sum, is stated in terms of the cost to complete the project. If the principal fails to deliver upon the contract, the owner, or obligee may sue the surety and the principal for the means to complete of the project.
Related information about construction bond:
- Performance bond - Wikipedia, the free encyclopedia
A performance bond is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. A job requiring ...
- Construction Bond Definition | Investopedia
A type of surety bond used by investors in construction projects to protect against an adverse event that causes disruptions, failure to complete the project due to ...
- Construction bond - The Free Dictionary
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- Construction Bonds & Contractors Bonds | JW Surety Bonds
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- What Is Bonding in Construction? | eHow.com
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- 30 ILCS 550/ Public Construction Bond Act.
(30 ILCS 550/0.01) (from Ch. 29, par. 14.9) Sec. 0.01. Short title. This Act may be cited as the Public Construction Bond Act. (Source: P.A. 86-1324.) ...
- Bond: Construction Bonds Basics
Understanding construction bond is an essential area that you must dominate to be able to get the best deals from sureties and insurance companies. This is a ...
- Construction Bonds Inc
At CBI we not only guide you through the often confusing process of securing your construction bond, but we also represent your company and act as your agent ...