GC Dual Surety Bond

[apprentice35]

Question, What is achieved by requiring a General Contractor provide a Dual Surety Bond for Payment and Performance? What does a Dual bond do. I am told it is to be provided to cover the Owner as well as the Lender.

[PT]

Originally Posted by apprentice35

Question, What is achieved by requiring a General Contractor provide a Dual Surety Bond for Payment and Performance? What does a Dual bond do. I am told it is to be provided to cover the Owner as well as the Lender.

I've never heard of a Dual Surety Bond for Payment and Performance. If you can provide some more information about it, we'd be happy to see if we can help you.