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.