Tag: bond

What is a performance bond?

What is a performance bond? Despite its name, a performance bond doesn’t guarantee performance – the surety promises to pay up to a specific sum for some sort of contractor breach provided the employer gives it enough evidence. If you’d like an analogy, think of them as a type of

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Can you change a bonded contract?

Can you amend a bonded (or guaranteed) contract without the beneficiary losing its rights to claim under the associated bond? This was the decision of the Court of Appeal in Hackney Empire v Aviva which has received more coverage than most bond cases. Is it because the case decided a

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Review your bond: does it survive changes?

With any bond and all guarantees, it is imperative that the document continues to provide a form of surety throughout the life of a project. That means the document has to continue to bite even where there are changes to the project: whether that is changes to the scope, the

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