A construction bond request may look familiar at first, but the obligee, underlying agreement, project funding, and bond wording can point to a very different obligation. Here is what brokers should review before taking the file to market.
A construction bond request may look familiar at first, but the obligee, underlying agreement, project funding, and bond wording can point to a very different obligation. Here is what brokers should review before taking the file to market.
BONDS
MARCH 24 2023
Construction projects involve significant risks, including financial risks, safety risks, and legal risks. To mitigate these risks, parties involved in construction projects commonly use surety bonds.
Surety bonds are legal agreements that provide financial protection to the parties involved, including project owners, contractors, and suppliers. In this article, you will learn more about the importance of surety bonds in construction projects, the types of surety bonds commonly used, and how they work.
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