5/8/2014

Subcontractor performance and payment bonds are an effective means for contractors to protect themselves in case of a default by a subcontractor, many of which have struggled because of the Great Recession, according to a general counsel for an insurer's bonding division. Contractors are advised to communicate closely with the surety in case of a claim against a subcontractor and to ensure a subcontractor's compliance in order to expedite the claims process.

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