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What is Contract Security in Construction about?

This document discusses contract security for construction projects. It explains that contract security guarantees contractors will complete work according to requirements and satisfy lawful claims. For projects over $100,000, security is normally required. This can take the form of performance and payment bonds each at 50% of the contract amount, or a 10% security deposit. Performance bonds guarantee project completion, while payment bonds ensure subcontractors and suppliers are paid. The document provides

Author

Vijay Kumar

Language

EN