Video

  • 15 minutes

What is a Performance Bond?

 

Who does the performance bond protect?

A performance bond comes into play when there is a default on the part of the general contractor. The obligation between the general contractor, the owner and the surety is to ensure proper completion of the contract. Subcontractors, suppliers, etc. have no protection under the performance bond. Their only protection is under the payment bond. This video reviews when a performance bond is required and who is require to obtain it and discusses the procedure under a performance bond when there has been a default on a project.

Runtime: 14 minutes

Agenda

Faculty

Danielle Cohen

Danielle Cohen

Tesser & Cohen

  • Partner at Tesser & Cohen
  • Practice focuses on construction litigation
  • Has represented a diverse range of construction clients, including owners, general contractors, subcontractors, and material suppliers
  • Involved in both prosecuting and defending claims on private and public projects in New Jersey and New York, including delay claims, construction lien and mechanic’s lien foreclosure actions, defective work claims, bond claims, prompt payment act claims and trust fund issues
  • Co-Chair, New Jersey State Bar Association, Construction Law Section
  • Can be contacted at [email protected], 201-343-1100, or https://www.tessercohen.com/danielle-cohen.html
Matthew Lakind

Matthew Lakind

Tesser & Cohen

  • Partner at Tesser & Cohen
  • Practice focuses on construction litigation
  • Represents project owners, general contractors, subcontractors, and suppliers
  • Involved in various types of claims and defenses associated with construction litigation, including construction lien foreclosures, payment and performance bond claims, home improvement con-tract disputes, equitable adjustment claims, cardinal change disputes, delay claims, and disputes regarding workmanship
  • Co-Vice Chair, New Jersey State Bar Association, Construction Law Section
  • Can be contacted at [email protected], 201-343-1100, or https://www.tessercohen.com/matthew-lakind.html

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