Staff Author-Calderon DentonWhen it involves payment bonds and efficiency bonds in Construction projects, understanding the nuances between the two is vital for all involved events. Payment bonds guarantee that everyone gets paid, while efficiency bonds focus on project completion. Yet what happens when problems occur, and exactly how do these bond
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Created By-When a guaranty issues an efficiency bond, it ensures that the principal (the party that purchases the bond) will accomplish their responsibilities under the bond's terms. If the primary falls short to meet these obligations and defaults on the bond, the guaranty is responsible for covering any kind of losses or damages that result.1. Lo
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