{"id":4227,"date":"2016-04-20T17:24:11","date_gmt":"2016-04-20T21:24:11","guid":{"rendered":"http:\/\/randpc.com\/blog\/?p=4227"},"modified":"2016-04-27T16:13:34","modified_gmt":"2016-04-27T20:13:34","slug":"ask-the-engineer-bonding","status":"publish","type":"post","link":"https:\/\/m.randpc.com\/blog\/ask-the-engineer-bonding\/","title":{"rendered":"Ask the Engineer: To Bond, or Not to Bond?"},"content":{"rendered":"<div>\n<div>\n<div id=\"attachment_4239\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-4239\" class=\"wp-image-4239 size-medium\" src=\"https:\/\/randpc.com\/blog\/wp-content\/uploads\/Roof-Program-300x227.jpg\" alt=\"To Bond, or Not to Bond?\" width=\"300\" height=\"227\" srcset=\"https:\/\/m.randpc.com\/blog\/wp-content\/uploads\/Roof-Program-300x227.jpg 300w, https:\/\/m.randpc.com\/blog\/wp-content\/uploads\/Roof-Program-150x113.jpg 150w, https:\/\/m.randpc.com\/blog\/wp-content\/uploads\/Roof-Program.jpg 400w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-4239\" class=\"wp-caption-text\">Bonds can help protect owners if a contractor can't complete a project..<\/p><\/div>\n<p>Financial risk is always associated with construction projects, which often involve\u00a0significant investment and a high level of coordination of several parties for successful completion. As a measure of financial protection, property owners can purchase performance bonds and labor and materials payment bonds.<\/p>\n<\/div>\n<div><\/div>\n<div>\n<p>A performance bond is a third-party agreement involving the contractor, the owner, and the bonding company that guarantees the completion of a construction project. If the contractor becomes financially distressed or insolvent and is unable or unwilling to complete the project, a bonding company can step in and get the project completed as specified.<\/p>\n<\/div>\n<\/div>\n<div>\n<div><\/div>\n<div>\n<div>\n<p>In RAND's latest <a href=\"https:\/\/randpc.com\/ask\/construction-administration-project-management\/performance-bonds\/\" target=\"_blank\" shape=\"rect\">Ask the Engineer<\/a> column, we discuss\u00a0when bonding is recommended and what type of bond to purchase, including:<\/p>\n<\/div>\n<ul style=\"list-style-type: square;\">\n<li>\n<div style=\"text-align: left;\">The difference between performance bonds and labor and materials payment bonds<\/div>\n<\/li>\n<li style=\"text-align: left;\">\n<div>How much bonds cost<\/div>\n<\/li>\n<li style=\"text-align: left;\">\n<div>The downside of bonding<\/div>\n<\/li>\n<li style=\"text-align: left;\">\n<div>The importance of retainage<\/div>\n<\/li>\n<li style=\"text-align: left;\">\n<div>Why a bond is not the same as insurance<\/div>\n<\/li>\n<li style=\"text-align: left;\">When bonding is probably not necessary<\/li>\n<\/ul>\n<\/div>\n<p>For more on bonding, read the<strong>\u00a0<\/strong><a href=\"https:\/\/randpc.com\/ask\/construction-administration-project-management\/performance-bonds\/\" target=\"_blank\" shape=\"rect\">full article<\/a>\u00a0on our website. If you have questions or comments, a repair or upgrade question about your building, or a topic you would like more information on, send your queries to Ask the Engineer at <a href=\"mailto:&#x69;&#x6e;&#x66;&#x6f;&#x40;&#x72;&#x61;&#x6e;&#x64;&#x70;&#x63;&#x2e;&#x63;&#x6f;&#x6d;\" target=\"_blank\" shape=\"rect\">&#x69;&#x6e;&#x66;&#x6f;&#x40;<span class=\"oe_displaynone\">null<\/span>&#x72;&#x61;&#x6e;&#x64;&#x70;&#x63;&#x2e;&#x63;&#x6f;&#x6d;<\/a>. We look forward to hearing from you!<\/p>\n<\/div>\n<div><\/div>\n<div>\n<hr \/>\n<p><em>Stephen Varone<\/em><em>, AIA is president of\u00a0<\/em><em>RAND Engineering &amp; Architecture, DPC<\/em><em>.\u00a0<\/em><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Financial risk is always associated with construction projects, which often involve\u00a0significant investment and a high level of coordination of several parties for successful completion. As a measure of financial protection, property owners can purchase performance bonds and labor and materials...<\/p>\n <span class=\"read-more\"><a href=\"https:\/\/m.randpc.com\/blog\/ask-the-engineer-bonding\/\" class=\"more-link\" title=\"Read More\"><strong>Read more<\/strong><\/a><\/span>","protected":false},"author":13,"featured_media":4239,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[381,123],"tags":[225,409,411,383,410,408,371,384,412],"class_list":["post-4227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-contractors","category-projects","tag-ask-the-engineer","tag-bonding","tag-construction-projects","tag-contractors","tag-labor-and-materials-bond","tag-performance-bonds","tag-rand","tag-rand-engineering-architecture","tag-retainage"],"_links":{"self":[{"href":"https:\/\/m.randpc.com\/blog\/wp-json\/wp\/v2\/posts\/4227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/m.randpc.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/m.randpc.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/m.randpc.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/m.randpc.com\/blog\/wp-json\/wp\/v2\/comments?post=4227"}],"version-history":[{"count":0,"href":"https:\/\/m.randpc.com\/blog\/wp-json\/wp\/v2\/posts\/4227\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/m.randpc.com\/blog\/wp-json\/wp\/v2\/media\/4239"}],"wp:attachment":[{"href":"https:\/\/m.randpc.com\/blog\/wp-json\/wp\/v2\/media?parent=4227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/m.randpc.com\/blog\/wp-json\/wp\/v2\/categories?post=4227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/m.randpc.com\/blog\/wp-json\/wp\/v2\/tags?post=4227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}