The aim of bonds and guarantees is to offer an assurance of payment or compensation from a substantial and solvent paymaster in the event of default by a contractor in the construction process. Whilst a recognised mechanism in international trade, they have become very much part of the field of construction contracts, and through their international context the problems generated by the applicable rules in England equally exist in civil law jurisdictions.
This resource is only available to our paid members. You can Join Us or Sign in to get access to this resource.