Construction contracts for commercial projects, including the ongoing boom in apartment projects, routinely require the general contractor and/or the subcontractors to provide performance bonds.

Performance bonds, common in industries like construction and real estate development, are issued to ensure the completion of a large project. A performance bond is a financial instrument that helps ...

"Extend or pay" provisions are sometimes used in construction performance bonds and bank guarantees as a way of ensuring that performance security is provided for the period it is needed. Can a ...