In construction, deadlines matter, and so does quality. And when projects fall apart, whether due to a contractor walking off the job or failing to meet contract terms, the financial and legal consequences can be significant. That’s where performance bonds come in.
Whether you’re a property owner, contractor, or developer, understanding when and how to use performance bonds in Florida construction contracts can help you avoid financial loss and legal headaches.
What Is a Performance Bond in Construction?
A performance bond is a type of surety bond used in construction contracts. It provides a financial guarantee that the contractor will complete the project according to the agreed-upon terms. If the contractor fails to perform…
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