Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Bonds and Parent Company Guarantees
Bonds are usually good things so far as architects and employers are concerned. There are standard forms for different kinds of bonds. This chapter describes the following usual kinds of bonds: performance bond, payment for off‐site materials bond, advance payment bond, and retention bond. Parent company guarantees are sometimes confused with performance bonds. The idea of a parent company guarantee is that the guarantee is offered by the parent or holding company of the contractor. In most instances, a parent company guarantee guarantees the performance of the contact. That means that if the contractor defaults whether by insolvency or otherwise, the parent company will itself complete or pay for the additional costs of completion by another company. It should not be accepted in lieu of a performance bond unless it has been thoroughly checked by the employer’s solicitor.
Bonds and Parent Company Guarantees
Bonds are usually good things so far as architects and employers are concerned. There are standard forms for different kinds of bonds. This chapter describes the following usual kinds of bonds: performance bond, payment for off‐site materials bond, advance payment bond, and retention bond. Parent company guarantees are sometimes confused with performance bonds. The idea of a parent company guarantee is that the guarantee is offered by the parent or holding company of the contractor. In most instances, a parent company guarantee guarantees the performance of the contact. That means that if the contractor defaults whether by insolvency or otherwise, the parent company will itself complete or pay for the additional costs of completion by another company. It should not be accepted in lieu of a performance bond unless it has been thoroughly checked by the employer’s solicitor.
Bonds and Parent Company Guarantees
Chappell, David (Autor:in)
07.01.2020
3 pages
Aufsatz/Kapitel (Buch)
Elektronische Ressource
Englisch
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