Who does the performance bond protect?
A performance bond comes into play when there is a default on the part of the general contractor. The obligation between the general contractor, the owner and the surety is to ensure proper completion of the contract. Subcontractors, suppliers, etc. have no protection under the performance bond. Their only protection is under the payment bond. This video reviews when a performance bond is required and who is require to obtain it and discusses the procedure under a performance bond when there has been a default on a project.
Agenda
Faculty
Danielle Cohen
Tesser & Cohen
- Partner at Tesser & Cohen
- Focuses her practice on construction litigation and has represented a diverse range of con-struction clients, including owners, general contractors, subcontractors and material suppli-ers
- Involved in both prosecuting and defending claims on private and public projects in New Jersey and New York, including delay claims, construction lien and mechanic’s lien foreclo-sure actions, defective work claims, bond claims, prompt payment act claims and trust fund issues
- Immediate Past Co-chair, New Jersey State Bar Association, Construction Law Section
- Selected to SuperLawyers 2022-2024; Selected to Rising Starts 2014-2021
- Can be contacted at 201-343-1100, [email protected], or https://www.tessercohen.com/danielle-cohen.html
Matthew Lakind
Tesser & Cohen
- Partner at Tesser & Cohen
- Practice focuses on construction litigation
- Represents project owners, general contractors, subcontractors, and suppliers
- Involved in various types of claims and defenses associated with construction litigation, including construction lien foreclosures, payment and performance bond claims, home improvement contract disputes, equitable adjustment claims, cardinal change disputes, delay claims, and disputes regarding workmanship
- Co-vice chair, New Jersey State Bar Association, Construction Law Section
- Can be contacted at [email protected], 201-343-1100, or https://www.tessercohen.com/matthew-lakind.html
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