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Author Question: What does a surety check out before providing a bond to a contractor? What will be an ideal ... (Read 75 times)

londonang

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on: Jul 26, 2018
What does a surety check out before providing a bond to a contractor?
 
  What will be an ideal response?

Question 2

What are the advantages of requiring bonds on construction projects?
 
  What will be an ideal response?


Christopher

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Reply #1 on: Jul 26, 2018
Answer to Question 1

Before issuing bonds sureties thoroughly review construction firms and their character, capital, and capacity. Sureties also review the plans and specifications for potential projects and other accomplishments of construction firms.

Answer to Question 2

The advantages of requiring bonds on construction projects is to protect owners against nonperformance, nonpayment of subcontractors and suppliers, and to guarantee that the contractor awarded a contract will perform the work or the owner will be compensated for the difference between the lowest bid and the second lowest bid.


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londonang

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Reply #2 on: Jul 26, 2018
TY


Christopher

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Reply #3 on: Jul 26, 2018
You're welcome


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