Lurie, J (2008) On-demand performance bonds: Reducing the risk of abuse. Proceedings of Institution of Civil Engineers: Management, Procurement and Law, 161(3), pp. 121-125. ISSN 17514312
Abstract
In the current economic climate, on-demand performance bonds may well be the preferred alternative to a default performance bonds. This article examines drafting methods which reduce the likelihood of unfair calls against on-demand performance bonds. The author concludes that a sensible form of on-demand performance bond will ultimately benefit all parties including the issuing bank, the contractor and the beneficiary.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | contracts and law; economics and finance; procurement |
| Index terms: | performance bond, default, drafting |
| Subjects: | payment, technical documentation, dispute resolution |
| Topics: | Contract Administration, Design Practice, Legal Issues |
| Descriptive scope: | 2 PC |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here