Construction Law Group News - March 2012
Payment And Lien Bonds On A Private Construction Project Create Exposure For A General Contractor For Payment Claims
A general contractor on a private construction project is sometimes required to furnish bonds to an owner, the costs of which are usually borne by the owner as part of the contract price. Generally, three bonds are required: a performance bond, a payment bond and a lien bond. The focus of this article is on the additional exposure to a general contractor created by furnishing a payment bond and a lien bond.
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