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Understanding surety bonds
Abstract
The importance of surety bonds in the construction industry is discussed. The qualified contractors could be selected and the owners could be protected against contractor default by requiring bid, performance and payment bonds from the contractors. Sureties are diligent in requesting job status reports to keep themselves informed of the contractor's progress on bonded and non-bonded contracts.
At the present stage，China's project guarantee system is not perfect, there are problems such as the same guarantor guarantee the owner and the contractor, the risk consciousness of the construction project market is not strong, the guarantee issued by guarantee agencies is not standard, and the guarantee rate of the engineering is not unified. Such serious problems have influenced the development of China's construction market, reducing the competitiveness of China's construction enterprises in the international market. Actual survey raised a number of recommended countermeasures, such as actively carry out publicity and training work, strengthen legislation and perfect contract management, combination of compulsory and voluntary implementation, actively cultivate the professional guarantee gompanies and engineering guarantee market, perfect social credit system and social security systemm, and determine the reasonable project guarantee fees to establish a correct sense of risk, aiming to further improve our project guarantee system.
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