Bond - generally like insurance of sorts (paid out if a default occurrs)
Bid bond - provided by a bidder to cover costs to owner if the bidder withdraws his successful bid (often value is 5-15% of the anticipated value of the bid)
Labour & Performance Bond - provided by a contractor to cover labour and material to completion if the contractor defaults on his obligations (bankruptcy, stupidity, whatever) Often up to 50% of the contract value.
P&P? - dunno what that reference is...
Hope it helps,
FR
Payment and Performance bond-if the contractor defaults on his payments to subcontractors, the bonding company pays and the property cannot be liened against when the subs are paid off.
Do they not teach this in architecture school?
I good resource would be "The Architecs Handbook of Professional Practice" expensive, but a must have. It describes everything you want to know about this kind of stuff.
May 2, 05 10:11 am ·
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Bid Bond, P+P bond, performance bond....
Can someone explain to me what these are? I was in a Pre-Bid mtg. recently and didn't fully understand what these are....
thx
Bond - generally like insurance of sorts (paid out if a default occurrs)
Bid bond - provided by a bidder to cover costs to owner if the bidder withdraws his successful bid (often value is 5-15% of the anticipated value of the bid)
Labour & Performance Bond - provided by a contractor to cover labour and material to completion if the contractor defaults on his obligations (bankruptcy, stupidity, whatever) Often up to 50% of the contract value.
P&P? - dunno what that reference is...
Hope it helps,
FR
Payment and Performance bond-if the contractor defaults on his payments to subcontractors, the bonding company pays and the property cannot be liened against when the subs are paid off.
Do they not teach this in architecture school?
I never heard it in arch. school. All I got was "layered condition, duality of elements, woven wall..."
Thanks guys
they do teach it, but that was a couple of years ago for me....
I good resource would be "The Architecs Handbook of Professional Practice" expensive, but a must have. It describes everything you want to know about this kind of stuff.
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