- What is a Bond Claim?
A bond claim is a request for payment made against a surety bond issued for a construction project. Surety bonds are often required in construction contracts to provide financial security and protect against various risks, such as non-performance or failure to pay subcontractors and suppliers.
Bond claims provide financial protection and assurance that parties involved in a construction project will be compensated if contractual obligations are not met. They help manage risk and ensure that parties can seek recourse in the event of non-performance or other issues.
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Every state has specific regulations for construction payments. Discover the necessary guidelines and laws related to your specific state.
Follow our informative guides to ensure that you get paid quicker and protect your assets.
