This document describes how surety bonds on construction contracts provide critical prequalification of a bonded contractor and financial protection for the owner and certain subcontractors and suppliers. Architects knowledgeable about bonds are well-positioned to advise owners about these premier project risk management tools.
Topic
Commercial Surety, Contract Surety, Prequalification
Publish Date
November 20, 2024
Audience
Agents, Architects, Contractors, Owners, Sureties
Resource Type
Brochure
Project Owners Beware – Don’t Eliminate Prime Bonds in Favor of Dual Obligee Status on Subcontract Bonds