Handbook of Construction Management and Organization |
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Page 80
SURETY BONDS IN 2 EQUIPMENT MAINTENANCE AND REPAIR ... Maryland BECAUSE SURETY BONDS usually are obtained through an insurance agent or broker and from an insurance company , the tendency is to classify bonds as insurance .
SURETY BONDS IN 2 EQUIPMENT MAINTENANCE AND REPAIR ... Maryland BECAUSE SURETY BONDS usually are obtained through an insurance agent or broker and from an insurance company , the tendency is to classify bonds as insurance .
Page 87
The surety is plugging a loophole , which , in many cases , has caused losses to both the contractor and the surety . When arranging for a bond on a contract , the surety will request the contractor to prepare and sign an application ...
The surety is plugging a loophole , which , in many cases , has caused losses to both the contractor and the surety . When arranging for a bond on a contract , the surety will request the contractor to prepare and sign an application ...
Page 94
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 the stated dollar amount for which each company signed .
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 the stated dollar amount for which each company signed .
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Common terms and phrases
accounting activities actual additional 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 funds handling important increase interest involved joint venture labor limited loan loss machine maintenance major manager materials matter ment method necessary needed normally operations organization owner paid payment percent performance period personnel plans plant possible practice prepared present problems procedures production profit proposal purchase rates reason received records repair reports responsibility result schedule specifications statement subcontractors supplies surety tion tractor underwriter UNIT UNIT COST usually various