Surety Performance and Payment Bonds

A surety bond protects the owner of a construction project by guaranteeing completion of the project if the contractor defaults. The existence of surety bonds on a project, in theory, ensures that the project will be completed for the contract price and that liens will not be filed by contractors and suppliers. Learn how surety bonds work.

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Related Content

• Construction Contract Methods of Compensation and Payment
  Read this practice note to learn about methods of compensation and payment terms used for fixed-price construction contracts and cost-reimbursable contracts with a guaranteed maximum price.

• Changes in Work and Claims Provisions in Construction Contracts
  Review this practice note for tips on drafting change in work provisions in construction contracts.

• Public Construction Projects Performance and Payment Bonds State Law Survey
  Use this state law survey to determine bonding requirements for public projects in the United States, District of Columbia, and U.S. territories.

• Construction Resource Kit
  Consult this resource kit for a full set of construction resources.

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