Daniel Dorfman Selected to Join the Society of Illinois Construction Attorneys
Fox Swibel is pleased to announce that attorneys Daniel Dorfman and David Ogles were featured in Law360’s article highlighting their success in defending Millennium Hotel and Resorts’ $1.9 million claim.
Daniel A. Dorfman [email protected](312) 224-1246 Fox Swibel is pleased to announce that Partner and Chair of the Firm’s Construction Law Group, Daniel Dorfman, has once more been named to Law360’s Construction Editorial Advisory Board. As a board member, Daniel will be able to […]
Owners, contractors, subcontractors and lower-tier contractors must have a sound understanding of the operational details and triggers of “pass-through” provisions as their terms can significantly impact the obligations and risks of performing for lower-tier contractors.
Bonds and the Construction Process
A bond is a contractual obligation undertaken by a surety company (often, an insurance company) to perform or pay a specific amount of money if the principal (often, the general contractor or installation contractor) does not perform or pay. A surety relationship is a three-party contract that guarantees that the principal will fulfill its obligations to the third party, the obligee (often the project owner for performance bonds, and subcontractors for payment bonds).
A bond is a contractual obligation undertaken by a surety company (often, an insurance company) to perform or pay a specific amount of money if the principal (often, the general contractor or installation contractor) does not perform or pay. A surety relationship is a three-party contract that guarantees that the principal will fulfill its obligations to the third party, the obligee (often the project owner for performance bonds, and subcontractors for payment bonds).
A bond is a contractual obligation undertaken by a surety company (often, an insurance company) to perform or pay a specific amount of money if the principal (often, the general contractor or installation contractor) does not perform or pay. A surety relationship is a three-party contract that guarantees that the principal will fulfill its obligations to the third party, the obligee (often the project owner for performance bonds, and subcontractors for payment bonds).
Using Magic Words: Understand Pay-If-Paid vs. Pay-When-Paid Clauses in Construction Agreements
A bond is a contractual obligation undertaken by a surety company (often, an insurance company) to perform or pay a specific amount of money if the principal (often, the general contractor or installation contractor) does not perform or pay. A surety relationship is a three-party contract that guarantees that the principal will fulfill its obligations to the third party, the obligee (often the project owner for performance bonds, and subcontractors for payment bonds).
A bond is a contractual obligation undertaken by a surety company (often, an insurance company) to perform or pay a specific amount of money if the principal (often, the general contractor or installation contractor) does not perform or pay. A surety relationship is a three-party contract that guarantees that the principal will fulfill its obligations to the third party, the obligee (often the project owner for performance bonds, and subcontractors for payment bonds).
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