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
