Performance Bonds
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Via Jess Jonason
Fayette Dudek's insight:

True enough, performance bonds play an important role in the project completion without giving the project owner the problem that she or he will have to encounter more expenses. As a result, if you are looking forward on specific project, then invest on surety bonds to assure its hassle-free completion.

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Bernard Depalma's curator insight, July 25, 2014 1:10 AM

Hence, the contractor will compensate for any loss of the owner or would continue the task until the needs are met. Usually, bankruptcy is the main cause precisely why projects are left uncompleted.

Floyd Cottone's curator insight, July 25, 2014 1:12 AM

In USA, utilizing surety bonds is important in all projects of the government and private sectors that have a minimum contract worth of $150,000. Service contracts and supply contracts could also have to be backed-up with surety bonds.

Jess Jonason's curator insight, July 25, 2014 1:14 AM

Having performance bonds, ensures the project owner or the property owner for the completion of the project and also the owner won’t must pay further costs. Thus, to assure that the project will be finish smoothly, invest on surety bonds.

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Via Bernard Depalma
Fayette Dudek's insight:

If by any chance the total performance isn't done as the contract has stated, performance bonds will be used. Hence, the contractor will compensate for any loss of the owner or would continue the work until the needs are met.

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Bernard Depalma's curator insight, July 25, 2014 1:10 AM

Project owners make use of surety bonds referred to as performance bonds to ensure that the contractor will accomplish the project on the date that's specified in the agreement.

Floyd Cottone's curator insight, July 25, 2014 1:11 AM

To guarantee safe investment, you should think about registering for surety bonds. Surety bonds are usually mistaken as a form of insurance. Surety bonds protect the obligee, while insurance protects the company or the business.

Jess Jonason's curator insight, July 25, 2014 1:13 AM

It is also stated in the contract that he must perform all that is required to complete the whole project. The usual cause for the contractor’s incompletion of the project is bankruptcy and this is exactly where the surety comes in; paying for the owner’s losses.

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Via Robby Oatman
Fayette Dudek's insight:

And lastly, the Surety who establishes the bond and who assures when it comes to financing the principal’s limit in accomplishing the project.

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Bernard Depalma's curator insight, July 25, 2014 1:09 AM

The next party is referred to as the Obligee. Generally, this is the government agency demanding the bond in order to steer clear from achievable financial loss.

Floyd Cottone's curator insight, July 25, 2014 1:11 AM

Surety bonds have a significant role in boosting the economy of a particular business. Using surety bonds is indispensable for all companies in the business industry. This serves as a guaranteed performance of a contract from a second party (principal).

Jess Jonason's curator insight, July 25, 2014 1:13 AM

This is a sort of surety bonds that assures the contractor will offer the adequate completion of a project. Performance bonds are also necessary to ensure that the tax payer’s investment is in great hands.

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Via Jess Jonason, Marybelle Tompkins
Fayette Dudek's insight:

The first party in a surety contract is referred to as the Principal. More often than not, she or he is the owner who buys the bond in order to make sure that the project will be finished in time.

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Bernard Depalma's curator insight, July 25, 2014 1:10 AM

Hence, the contractor will compensate for any loss of the owner or would continue the task until the needs are met. Usually, bankruptcy is the main cause precisely why projects are left uncompleted.

Floyd Cottone's curator insight, July 25, 2014 1:12 AM

In USA, utilizing surety bonds is important in all projects of the government and private sectors that have a minimum contract worth of $150,000. Service contracts and supply contracts could also have to be backed-up with surety bonds.

Jess Jonason's curator insight, July 25, 2014 1:14 AM

Having performance bonds, ensures the project owner or the property owner for the completion of the project and also the owner won’t must pay further costs. Thus, to assure that the project will be finish smoothly, invest on surety bonds.

Rescooped by Fayette Dudek from Performance Bonds
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United Surety Bonds - Bid & Performance Bonds

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Via Floyd Cottone
Fayette Dudek's insight:

Usually, bankruptcy is the main reason precisely why projects are left uncompleted. The good thing is that project owners can count on surety to make up for their potential losses. Nobody can claim the payment from the performance bonds except the property or project owner, and this can only be done if the work is defined in details. 

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Bernard Depalma's curator insight, July 25, 2014 1:10 AM

Performance bonds are also necessary to guarantee that the tax payer’s investment is in good hands. If by any chance the total performance isn't done as the contract has stated, performance bonds will be utilized.

Floyd Cottone's curator insight, July 25, 2014 1:11 AM

Bonds are the deductibles themselves while an insurance has a separate deductibles. With insurance, if you have a claim, you will pay for the deductible and the company will cover the rest. While in bonds, you will be the one to settle the amount equivalent to your claims. 

Jess Jonason's curator insight, July 25, 2014 1:13 AM

Nobody can claim the payment from the performance bonds other than the property or project owner, and this can only be done if the work is defined in details.  

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Via Reed Maglio
Fayette Dudek's insight:

Performance bonds are surety bonds that ensure the contractor will make ways to complete a project. Performance bonds are also necessary to assure that the tax payer’s investment is in great hands.

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Bernard Depalma's curator insight, July 25, 2014 1:09 AM

 The third party is the one who is accountable of establishing the bond and in assuring that the overall financing of the project is available. She or he is called the Surety. 

Floyd Cottone's curator insight, July 25, 2014 1:11 AM

Surety bonds are beneficial particularly that there are instances wherein the contractors, who enter in a contract, failed in accomplishing the contract as per terms and condition. 

Jess Jonason's curator insight, July 25, 2014 1:13 AM

If by any chance the total performance isn't done as the contract has stated, performance bonds will be utilized. These bonds oblige the contractor to pay for the project owner if he cannot complete the project on time.

Rescooped by Fayette Dudek from Performance Bonds
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United Surety Bonds
Fayette Dudek's insight:

Second is the Obligee, this is normally the government agency which demands for a bond to stay away from the chance of a financial loss.

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Bernard Depalma's curator insight, July 25, 2014 1:09 AM

The Principal is just what you call a project owner or other expert who buys the bond so that the project will be realized based on its target completion. The Principal is the first party involved in a surety contract.

Floyd Cottone's curator insight, July 25, 2014 1:11 AM

True enough, performance bonds play a huge role in the project completion without giving the project owner the problem that he or she will need to deal with additional expenses. Therefore, to make sure that the project will be finish smoothly, invest on surety bonds.

Jess Jonason's curator insight, July 25, 2014 1:13 AM

The second party is referred to as the Obligee. More often than not, this is the government agency needing the bond so as to stay away from possible financial loss. The third party is the one who is liable of establishing the bond and in guaranteeing that the entire financing of the project is available. He or she is referred to as the Surety. 

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United Surety Bonds - Bid & Performance Bonds

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United Surety Bonds
Fayette Dudek's insight:

Performance bonds are surety bonds that ensure the contractor will make ways in order to complete a project. Performance bonds are important for the protection of the tax payer’s investment. If by any chance the total performance is not done as the contract has stated, performance bonds will be utilized. These bonds oblige the contractor to pay for the project owner if he can't finish the project on time.

more...
Bernard Depalma's curator insight, July 25, 2014 1:09 AM

The Principal is just what you call a project owner or other expert who buys the bond so that the project will be realized based on its target completion. The Principal is the first party involved in a surety contract.

Floyd Cottone's curator insight, July 25, 2014 1:11 AM

True enough, performance bonds play a huge role in the project completion without giving the project owner the problem that he or she will need to deal with additional expenses. Therefore, to make sure that the project will be finish smoothly, invest on surety bonds.

Jess Jonason's curator insight, July 25, 2014 1:13 AM

The second party is referred to as the Obligee. More often than not, this is the government agency needing the bond so as to stay away from possible financial loss. The third party is the one who is liable of establishing the bond and in guaranteeing that the entire financing of the project is available. He or she is referred to as the Surety.