Article
November 2017
Payment and Performance Bonds: Are They All They Are Cracked Up To Be?
As a matter of routine on public projects, contractors are required to obtain payment and performance bonds, often combined into one instrument, to guarantee payment to subcontractors and suppliers on the project, as well as to guarantee the contractors faithful performance of the work. Sometimes on private projects, we also see these bonds. Are they all they are cracked up to be? Are they providing the purpose for which they are obtained?
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