- Owner requires contractor to provide a performance bond on a project. Owner is assured that the project will be completed by the contractor (or another contractor if the original contractor defaults)
- School district requires contractor to provide payment bond. If subcontractors on the project are not paid by the contractor, they may attach the bond.
- General contractor requires subcontractor to provide payment bond on a project, ensuring that all sub-subcontractors are paid.
Oklahoma Construction Bondsmweibel2021-04-25T03:01:10+00:00
Construction bonds (also known as surety bonds) are frequently used in Oklahoma as means of protecting parties in a construction contract. A party seeking a bond must supply financial and other information related to experience and reputation to the bond underwriter. Examples of how construction bonds are used: