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SpinDistribute.com Article Directory

The following article was published in our article directory on June 14, 2014.
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Contract Bonds: Assured of Performance

Article Category: Business

Author Name: Joe Yardas

When taking on construction projects of any kind or scale, there are a host of aspects and factors to consider. One of them is the performance of the contractors that are hired for the project. Contract Bonds or Construction Bonds are a type of performance agreement that is used as a guaranty made by the general contractors to their employer. Contract Bonds are a written assurance that the general contractor will strictly comply to the different specifications that were previously agreed on by the general contractor and the project owner. In this type of agreement there are three different parties involved; the first is the project owner, also referred to as the obligee, which could be an individual or even an organization. The second party is the general contractor, who was hired by the project owner for this construction project, and they are known as the principal. There is also a third party to this agreement, and that is the insurer, also known as the guarantor. The insurer will be the party to which the obligee or the project owner will make a claim to, in the event that the principal fails to fulfil the agreed upon specifications of the project.

The Contract Bonds is an agreement that the project will be able to meet the standards that were established by the project owner, and especially those that are required for safety reasons . Having protection such as this will defend the interest of the obligee, and other individuals that will eventually use, or will be directly affected by the structure about to be built, from default by the principal, poor workmanship on the construction, and other possibilities that are directly related or caused by the performance of the general contractor. Contract Bonds allow the project to run smoothly so that the owner will be able to focus on the other aspects of the construction project and make sure that the whole undertaking is able to meet its deadline.

In the event of a default or their non-compliance to the specifics of their contract, Contract Bonds will allow the project owner to make a claim on the bond. This will allow the obligee to get back any money lost due to the fault of the principal. This will save the project from major financial mishaps , which could cause the whole construction to be brought to a standstill or a complete stop . It is because of this possibility that it becomes very important for the project owner to choose the general contractor with great care, and make sure that they are in fact able to comply with the requirements that were set for the construction project. Not only will there be financial loss on the part of the obligee, there will also be issue of time lost looking for a new contractor, and then repairing any damages done to the building by the previous principal.

In addition to the clear benefit of having these agreements that was previously stated, Contract Bonds are also a legal obligation for almost, if not all construction project in any part of the country.

Keywords: General Liability Insurance, Commercial Auto Insurance, Builders Risk Insurance, Contract Bonds, Workers Compensation Insurance, Umbrella Insurance, Homeowners Insurance, Auto Insurance, RV Insurance, Boat Insurance

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