Handbook of Construction Management and Organization |
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Page 80
How Surety Bonds Differ from Insurance An insurance policy is a two - party instrument — the insured and the insurance company ... A surety bond , however , is a three - party instrument — the principal , who in a contract bond is the ...
How Surety Bonds Differ from Insurance An insurance policy is a two - party instrument — the insured and the insurance company ... A surety bond , however , is a three - party instrument — the principal , who in a contract bond is the ...
Page 83
It is the responsibility of the underwriter to keep his underwriting requirements keyed to the changing conditions , including : those changes that may take place in the forseeable future . : 8-6 . Surety Bond Forms A contract bond ...
It is the responsibility of the underwriter to keep his underwriting requirements keyed to the changing conditions , including : those changes that may take place in the forseeable future . : 8-6 . Surety Bond Forms A contract bond ...
Page 94
assume the excess bonds over its own underwriting limits . Although each surety is expected to take care of its contractor's share of the bond , the sureties are jointly and severally liable for the full bond penalty , limited only to ...
assume the excess bonds over its own underwriting limits . Although each surety is expected to take care of its contractor's share of the bond , the sureties are jointly and severally liable for the full bond penalty , limited only to ...
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Common terms and phrases
accounting activities actual additional agent agreed agreement amount application bank basis become bond building capital changes charged complete concrete considered construction contract contractor cost COST AMOUNT cover detailed determine developed direct engineer equipment estimate expense experience facilities field Figure final financing handling important increase interest involved joint venture labor less limited loan loss machine maintenance major materials matter ment method necessary needed normally operations organization owner payment percent performance period personnel plans plant possible practice prepared preventive problems procedures production profit proposal purchase rates reason received records repair responsibility result schedule specifications statement subcontractors supplies surety tion tractor underwriter UNIT UNIT COST usually various