Takeover Agreements on Performance Bond Claims: What Are They and How Do They Work?
Jimerson Firm
MAY 24, 2021
On many construction projects, the general contractor may be required to furnish a performance bond. Usually, owners, without any real construction management capabilities, prefer for the surety to elect to take over and complete the scope of work in the prime contract. waive its rights and make payment to the owner. Conclusion.
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