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Construction Bonds and Subguard Insurance

from JD Supra

In virtually all public projects (and in many private projects), the owner requires the general contractor to post a performance bond and a payment bond. Recently, in some cases, general contractors have obtained subcontractor default insurance or “Subguard” in lieu of or in addition to a performance bond or a payment bond. This article explains the purposes for, and use of, performance bonds, payment bonds and Subguard insurance and the differences between Subguard and performance bonds or payment bonds. more


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