Surety bonds are an agreement involving a principal, an obligee and a surety company that issues the bond for a fee. In most cases, the obligee accepts a bid or application submitted by the principal.

Depending on one’s level of surety knowledge, some may call them payment bonds, another may say performance bonds, but insiders know they usually work collaboratively. Payment and performance bonds, ...

Performance bonds are also referred to as surety bonds. These are debt instruments that are purchased in connection with a contract between two businesses. One side of the contract is the service ...

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Benchmark bonds set performance standards for other bonds. This article covers their definition, operation, and examples that ...

There are two types of bonds that an estimator must understand. First, there is a bid bond also called a bid security or bid guaranty. Second, there is a performance bond. Let’s take a look at the ...

Scott Mollen discusses "JDS Dev. LLC v. Parkside Constr. Bldrs. Corp.," and Levy v. NYS Div. of Hous. & Community Renewal." Construction—Performance Bond—Noncompliance With Condition Precedent Bars ...

In their Construction Law column, Kenneth M. Block and Joshua M. Levy advise against the use of performance bonds, writing: The performance bond is for the benefit of the owner and, theoretically, ...

We collaborate with the world's leading lawyers to deliver news tailored for you. Sign Up for any (or all) of our 25+ Newsletters. Some states have laws and ethical rules regarding solicitation and ...