When a surety receives a claim under a performance bond, and assuming the claim is valid, by contract law it can lessen or eliminate its exposure by asserting any of the defenses that are available to its principal. Those defenses include: The obligee’s (owner’s) failure to provide plans or specifications that are free from defects. […]
Author Archive for: jpschick
About john-paul schick
This author has not written his bio yet.
But we are proud to say that john-paul schick contributed 2 entries already.
Entries by john-paul schick
What should a surety do once it receives a claim because a G.C. has defaulted under a construction contract that requires a performance bond? What are the surety’s obligations under the bond?