Performance bonds, common in industries like construction and real estate development, are issued to ensure the completion of a large project. A performance bond is a financial instrument that helps ...

Construction contracts for commercial projects, including the ongoing boom in apartment projects, routinely require the general contractor and/or the subcontractors to provide performance bonds.

Performance bonds guarantee project completion, reducing investment risk. Investors can seek these bonds to secure against contractor failure. They provide a safety net, improving the reliability of ...

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 ...

For most contractors working in the U.S., construction bonds are one of the major requirements they need to meet in order to even apply for a project. Still, they are often confused by these bonds, ...

Perfecting a performance bond claim in Texas requires careful attention to legal requirements and procedural details set forth on the face of the bond and under Texas law. Perfection of a performance ...

Placing concrete requires specialized skills and equipment. The licensing requirements for concrete contractors vary from state to state. In some states, concrete contractors need a specific license ...

That was in 1983, when the Sewerage & Water Board of New Orleans reduced the performance bond requirements for minority contractors to 50 percent of contract value rather than the standard 100 percent ...

As public-private infrastructure projects across the U.S. grow ever larger, surety bond requirements have ballooned, effectively pricing out potential bidders. In order to ensure competition for ...

Knowing what a contract bond is helps contractors, project owners, and stakeholders understand how to secure performance and payment in construction or service agreements. These bonds are common in ...