subcontractor bond
subcontractor bond
A performance bond given by a subcontractor to the general contractor which guarantees performance of a contract and the payment of bills for labor and material.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.
References in periodicals archive
Proponents of
subcontractor bonds historically have not advertised quick resolution of claims as a selling point until recently.
Pobieglo has also noticed an increase in
subcontractor bonds. More general contractors have subcontractor bonding policies, which is typically not something that is required by the project owners.
In response, many sophisticated construction managers are offering a relatively new insurance product, commonly known as "Subguard," which is intended to replace
subcontractor bonds.
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