"Extend or pay" provisions are sometimes used in construction performance bonds and bank guarantees as a way of ensuring that performance security is provided for the period it is needed. Can a ...

When faced with a performance bond claim, the Surety will often seek to determine its overall exposure or expected loss. Once determined, the Surety can use this information to make educated decisions ...

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 ...

Construction bonds ensure project completion and quality, protecting owners if a contractor fails. Contractors must provide financials and project details to secure bonds. Multiple bond types cover ...

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, ...

Bid bonds guarantee that contractors complete projects they bid on, often for public or government jobs. If a contractor fails, a performance bond replaces the bid bond, ensuring project completion.