The Experience You Need For Payment And Performance Bond Matters
A payment bond guarantees that those who supply labor and materials on virtually all public, and some private, construction projects will be paid in full for their work. For instance, if a prime contractor becomes insolvent during or after a job, then its subcontractors and suppliers may turn to the contractor’s bonding company (also called a “surety”) for payment. In many instances, the surety is also responsible for paying any attorneys’ fees incurred in the process of collecting the debt.
A performance bond guarantees that all work will be performed properly and completely. If a contractor or subcontractor provides such a bond and then defaults, the bonding company must step in and cure that default.
Corwin & Corwin LLP in Woburn has extensive experience in prosecuting and defending cases involving payment and performance bonds. If you have a claim, we can help you evaluate its strengths and weaknesses, make sure you comply with all contractual and statutory requirements, and secure relief under the bond’s terms. If you are defending against a wrongful claim made on your bond, we can work with you and your surety to determine all grounds for rejection, preserve your legal rights and successfully defend against the claim.
Our Lawyers Are Ready To Review Your Situation
If you have questions about payment and performance bonds, contact us at 617-742-3420 to speak with one of our construction lawyers.