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Home / Commentary / Performance bonds offer an additional way to manage risk for private owners in a volatile market (access required)

Performance bonds offer an additional way to manage risk for private owners in a volatile market (access required)

Given, well, the state of everything, private owners should seriously consider requiring the contractor to secure a performance bond (which is a third-party surety guaranteeing the contractor’s performance under the contractor’s contract with the owner), when evaluating risks now inherent in construction projects. Traditionally, private owners did not consider bonds (either payment or performance bonds by ...

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