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A surety bond is an "agreement providing for monetary compensation in the event of a failure to perform specified acts within a stated period. The surety company, for example, becomes responsible for fulfillment of a contract if the contractor defaults." (einsure.com)
Disclaimer: This page is not
meant to provide conclusive legal definitions of construction surety bonds.
It is only to serve as a reference by which you may conduct further research
into the legalities of construction surety bonds. The contents of this web
site are subject to change / revision without notice.
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