A guaranteed bond is a bond whose interest and principal payments are guaranteed by a third party.
section 4E2
When used in conjunction with a landscape construction contract, the JCLI LMWC should last for at least the duration of the rectification period.
JCLI states that the Rectification Period is 12 months after Practical Completion, unless otherwise agreed.
The Certificate of Making Good Defects is a certificate that is in relation to the completion of defects, imperfections, shrinkage and any other fault raised during the Defects Liability Period.
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor.
The final certificate is a certification by the contract administrator that a construction contract has been fully completed.
A Contingency is an item found within a Bill of quantities (BoQ). This item refers to unforeseeable costs or risks likely to be incurred during the contract.
Bonds in construction provide security by guaranteeing that a contractor will complete a project according to the terms and conditions outlined in the contract
In construction, a bond is a financial guarantee that a contractor will complete a project according to the terms and conditions outlined in the contract.
In the majority of contracts the retention amount would always be 5%. There might be rare exceptions where particular concerns…
Retention during a valuation is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate that is retained by the client.