Construction bonds are a wide variety of bonds issued to protect the client’s interests or the customers. If you are a contractor expecting to receive a project from the government, then getting a construction bond is necessary. However, when working for a private firm, you might not require construction bonds at all. But when it comes to working for the government, construction bonds are a must.
The construction bond covers payment, performance, and a project’s bid. The bond ensures that the work gets conducted as per the standard and conditions defined in the agreement. The bond also enforces a deadline and ensures that the deadlines are met, suppliers are paid, labour is paid, and construction work is completed promptly under the local laws and regulations.…Continue reading