A Tip for Performance Bond Obligees: for Maximum Protection, Obtain Increase Riders with Change Orders

more+
less-

It's tempting to assume that change orders automatically increase the penal sum of a performance bond that expressly waives notice of contract modifications, but pursuant to a 1992 case out of the U.S. Bankruptcy Court for the Eastern District of Tennessee, that assumption might be misplaced.

[See below for complete article]

LOADING PDF: If there are any problems, click here to download the file.

Published In: Construction Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Matt Bouchard, Lewis & Roberts, P.L.L.C. | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »