Construction bonds are vital tools in the construction industry. A construction bond is an instrument arising out of suretyship law. A project owner may require a contractor to obtain one or more types of construction bond to ensure or guarantee that construction projects are completed in accordance with contract terms, often focusing on adhering to the budget, performing quality workmanship consistent with accepted standards, and abiding by the designated timeline.
Read the full article by Kerri Nicholson on the Construction Blog.