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Payment V. Performance Bonds

kalford Mar 17, 2016 12:00:00 AM

Payment V. Performance Bonds
What is the difference between a Payment Bond and a Performance Bond? A payment bond is a promise of payment and a performance bond is a promise of performance. A payment bond is a surety bond, most often on public projects, issued as assurance of payment to certain parties should the principal of the bond breach their construction contract. A performance bond is a bond issued to one party of a contract as a guarantee of the performance of the other party to meet the obligations specified in the contract.
Payment Bonds and Bond Claims

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Payment Bonds and Bond Claims

Payment bonds / bond claims are a payment security often available for those furnishing to public and federal construction projects, and even the...

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Bond Claim & Suit Deadlines for Public Projects

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Bond Claim & Suit Deadlines for Public Projects

Download this 50-state quick reference guide for bond claim and suit deadlines for public projects. Plus, learn more about payment bonds and the...

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Preliminary Notices on Public Projects

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Preliminary Notices on Public Projects

The first step to secure bond claim rights on a project may be to serve a preliminary notice. A preliminary notice does not reflect negatively upon...

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