n Without Prejudice - On demand bonds : any comfort for contractors? : financial law
|Article Title||On demand bonds : any comfort for contractors? : financial law|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Publication Date||Oct 2013|
|Pages||29 - 30|
In large construction contracts, employers often require that contractors provide "on demand" bonds as security for the proper performance of their contractual obligations. Normally issued by a bank, these bonds can be called by an employer upon written demand, without proof that a contractor is in default or of the loss the employer has suffered.
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