Description

A surety bond is a mechanism that transfers the risk that a contractor will bear if it fails to complete a project, from the owner to the surety company. It is not meant to protect the contractor or engineer. Two types of surety bonds exist: a performance bond and a payment bond. Many projects require, as part of the specifi cations, that the contractor or the architect purchase both types of bonds.

Citation: ASHRAE Journal, Vol. 47, No. 2

Product Details

Published:

2005

Number of Pages:

1

File Size:

1 file , 210 KB

Product Code(s):

D-23591