Construction Bonds and Delay Claims
18 important questions on Construction Bonds and Delay Claims
What is a bond?
What is an indemnity agreement?
What is a bid bond?
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Who are the principal and obligees in a bid bond? What is the usual amount of a bid bond?
What is the risk of a bid bond? How are bid bonds enforced?
What is a performance bond?
What is the amount of a performance bond. What are the risks of entering into a performance contract?
- Default in performance of contract
What are the options given by the surety to the principal in a performance bond?
How is a performance bond enforced?
- Obligee must give surety timely notice
- Significant change in risk can release surety from obligations
- Legal action within 2 years of date of final payment
What is a labour and material payment bond?
What is the amount of a labour and material payment bond. Who are the claimants?
What are the requirements of a labour and material payment bond? How are these bonds enforced?
- No payment for 90 days after claimant's last work
- Surety obliged to pay claimant face value owed by principal up to available amount
- Surety entitles to any defences to payments available to principal
- Obligee must file claim within 120 days after claimant's last work - non-holdback
- Within 120 days of when payment in full should have been made for holdback
- Legal action within 1 year of date on which contractor ceases work
Who is the principal in a lien bond? Who is the obligee? What is the amount?
What is a compensable delay?
What is an excusable delay?
What are the requirements for delay notice? What happens if delay notice is not given?
What is a concurrent delay
What is the critical path?
- Most contracts specify that critical path must be impacted to delay event in order to be entitled to extension
- Damages include: additional labour cost, loss of productivity and loss of profit
The question on the page originate from the summary of the following study material:
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