Click to verify BBB accreditation and to see a BBB report.
McAfee Secure sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams
Follow us on twitter!
  #1 (permalink)  
Old 11-09-2007, 10:31 AM
Member
 
Join Date: Oct 2007
Posts: 80
Default Differences?

What's the difference between a subdivision/site improvement bond and performance and payment bond.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #2 (permalink)  
Old 11-09-2007, 11:33 AM
Surety Professional
 
Join Date: Oct 2007
Posts: 558
Default

Quote:
Originally Posted by Numbers
What's the difference between a subdivision/site improvement bond and performance and payment bond.
A subdivision/site improlvement bond is for mandatory public improvements that builders, developers, and individual landowners make to their property. The local authorities require a guarantee that the landowner completes the improvements. A subdivision bond obligates the principal and the surety to complete subdivision improvements.

A Performance Bond guarantees the faithful performance of the contract and payment of materials and labor by the contractor to all subcontractors and material suppliers. Generally a performance bond is required by municipalities who are hiring contractors to do work for them. The bond is submitted by the winning bidder upon award of the contract. The Performance & Payment Bond are typically issued together, as they are so closely related.

For more information about contract bonds, please visit the following site:
Surety Bond Types: Contract Bonds
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #3 (permalink)  
Old 03-13-2008, 12:29 PM
Surety Claims Expert
 
Join Date: Jan 2008
Posts: 262
Default Here's an example....

This short newspaper article provides a concise scenario that most people can easily relate to.

Who hasn't said, "Why doesn't somebody do something about that (your gripe here)?"

The article explains how the bond provides a benefit to the taxpayer, as it also facilitates economic growth. Unfortunately, in this case, it seems that the surety bond claims process has had to come into play.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #4 (permalink)  
Old 10-13-2008, 12:02 PM
Surety Claims Expert
 
Join Date: Jan 2008
Posts: 262
Default These things take time...

Six months later and still working.

"The county of San Diego continues working with developer Pointe Communities and the company that issued a surety bond that the developer would meet its obligations, said Derek Gade, the public-works manager for private development construction inspection. "
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On




All times are GMT -4. The time now is 11:47 PM.


Powered by vBulletin® Version 3.8.2
Copyright ©2000 - 2009, Jelsoft Enterprises Ltd.
Search Engine Friendly URLs by vBSEO 3.1.0
©2005-2008 JW Bond Consultants, Inc. All rights reserved.