Search results
Results From The WOW.Com Content Network
A warranty is a term of a contract, but not usually a condition of the contract or an innominate term, meaning that it is a term "not going to the root of the contract", [6] and therefore only entitles the innocent party to damages if it is breached, [6] i.e. if the warranty is not true or the defaulting party does not perform the contract in ...
Under French law (Article L241-1 of the Insurance Code), every builder is required to purchase a ten-year insurance policy covering the mandatory decennial warranty on all construction projects. The decennial warranty is a legal liability assumed by builders for all defects that compromise the integrity of their structures or that cause them to ...
The bond penalty is subject to full or partial forfeiture if the winning contractor fails to either execute the contract or provide the required performance and/or payment bonds. The bid bond assures and guarantees that, should the bidder be successful, the bidder will execute the contract and provide the required surety bonds.
A construction contract is a mutual or legally binding agreement between two parties based on policies and conditions recorded in document form. The two parties involved are one or more property owners and one or more contractors .
A personal guarantee, by contrast, is often used to refer to a promise made by an individual which is supported by, or assured through, the word of the individual. In the same way, a guarantee produces a legal effect wherein one party affirms the promise of another (usually to pay) by promising to themselves pay if default occurs.
Homeowners warranty insurance, commonly known as a home warranty, is a service contract that covers repairs or replacements of major home systems and appliances due to wear and tear. It differs ...
The Miller Act may require a surety bond for contractors on certain federal construction projects; in addition, many states have adopted their own "Little Miller Acts". [11] The surety transaction will typically involve a producer; the National Association of Surety Bond Producers (NASBP) is a trade association that represents such producers.
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!