Business, Legal & Accounting Glossary
A form of a surety bond specific to construction that guarantees the performance of the builder, or principal, according to project specifications. The bond amount, or penal sum, is stated in terms of the cost to complete the project. If the principal fails to deliver upon the contract, the owner, or obligee may sue the surety and the principal for the means to complete of the project.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Construction Bond are sourced/syndicated and enhanced from:
This glossary post was last updated: 20th November, 2021 | 0 Views.