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The issue of the relative priority of the claims of the United States and the surety was submitted to the Superior Court upon an agreed statement of facts.

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Or as a contractor, you may need to post a license or permit bond to guarantee your work for licensing requirements with municipalities.

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Where a bond is given for performance of a contract, and the latter is not binding upon the parties for any reason, there is no consideration for the bond, and no action, therefore, can be maintained on it.

During this basis for surety construction nh, except anticipated profit arising out and plans and wait to determine that is essentially are shorter than eight years.

Owner may, at his option, determine that such Bidder has abandoned the Contract and thereupon his Proposal and the acceptance thereof shall be null and void and the Owner will be entitled to liquidated damages as above provided. Contract, complete the same or cause the same to be completed and charge all sums of money so expended for the completion of this Contract against the CONTRACTOR, and CONTRACTOR agrees to reimburse the TOWN for any loss sustained thereby.

To take some of the stress out of the process, below is a comprehensive list of the thresholds for general contractors when it comes to staying compliant with license and bond requirements.

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Contract bonds guarantee that contractors will execute their work in time and in the best quality.

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Some states require such bonds but more often than not, the decision whether to require subcontractor bonds is made by the general contractor or its surety or bank.

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Since private owners cannot afford to gamble on a contractor whose reliability is uncertain or who could end up bankrupt halfway through the job, a surety bond is a great safety net for the investment.

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During his career there he has worked in every phase of the business, with a concentration on bond programs for contractors.

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Failure to maintain adequate insurance coverage shall be deemed to be a material breach of this Contract and the TOWN shall be entitled to withhold any and all further payments claimed to be due or owing pursuant to this contract.

This is not to say that every termination for convenience clause is so worded as to leave the terminating party without a remedy for defective work.

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