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A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money , intended to secure a futures contract , commonly known as margin .
Usually, a surety bond or surety is a promise by a person or company (a surety or guarantor) to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to ...
Construction of the Pentagon, 1942.. The Miller Act (ch. 642, Sec. 1-3, 49 stat. 793,794, codified as amended in Title 40 of the United States Code) [1] requires prime contractors on some government construction contracts to post bonds guaranteeing both the performance of their contractual duties and the payment of their subcontractors and material suppliers.
Pages in category "Construction and civil engineering companies of the United States" The following 200 pages are in this category, out of approximately 264 total. This list may not reflect recent changes .
In the United Kingdom, bid bonds are commonly used in various industries such as construction, supply, and service contracts. One notable application of bid bonds in the UK is for securing HM Revenue and Customs (HMRC) bonds, [2] which are required for businesses dealing with goods subject to excise duty, such as alcohol, tobacco, and fuel.
Bond - usually refers to a performance bond, which is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. Other types of guarantees, such as a bid bond or a materials bond, are sometimes also required by a project owner .
In July 2016, a reverse takeover of HNA Infrastructure Group by listed company HNA Infrastructure Investment Group (formerly Hainan Island Construction) was completed. In 2015 HNA Infrastructure Group issued a 7-year bond with 7.5% p.a yield for CN¥1.5 billion, which would be used in the construction of Nanhai Pearl Artificial Island.
Building materials companies of the United States — part of the construction industry in the United States. Subcategories This category has the following 2 subcategories, out of 2 total.
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