Contract Surety

Key Provisions in School Construction Contracts

04.11.2019

Not every school construction project can go 100% swimmingly. Some are going to have delays or errors or go over budget. And the best way to guard against these roadblocks in school construction is a solid construction and design contract structure.

You want to lay out all possible risks in the contract and specify remedies in the case of specific issues arising or possible default. School contracts have to account for four types of risk: performance risk, time risk, cost risk, and political risk. Some risks arise due to construction while others arise due to the specific intricacies of constructing a school.

A note on contracts: they have to be enforceable to be worth the paper they’re written on. The proper procedures for bidding, procurement, and contracting have to be followed. Failure to follow these procedures can leave the carefully thought of contract provisions unenforceable. Learn more about the particular issues surrounding school construction and design contracts.

Where can you easily purchase your bid and payment/performance bonds?

Colonial offers the direct and digital way to obtain bid and payment/performance bonds as well as any other surety bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print your bond from your office. It’s that simple!

Colonial gives you an easier way to manage your bid and payment/performance bonds online. Having your single and aggregate limits in writing allows you to update your work on hand and adjust your bonding capacity in real time.