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What To Do With Performance Bonds When Projects Default

Law360, New York (January 18, 2018, 3:12 PM EST) -- In today’s economic climate, performance bonds are important for construction contracts. While performance bonds provide some security to subcontractors who are hired by the contractor as well as the owner who pays the contractor, this security is not guaranteed as sureties have “surety defenses” that provide a surety with an opportunity to disclaim coverage under the performance bond. This article will focus up what are a performance bond surety’s options when there is a project default and what types of unique defenses the performance bond surety...
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