A Performance Bond has ensured that no additional construction costs will incur despite a delay caused by a defaulting contractor working on a Reynoldsburg, Ohio fire station.
A new Truro Township fire station was set to be constructed by Palmetto Construction Services LLC in Reynoldsburg, Ohio, but the contractor abandoned the project in February 2019, causing them to default on their Performance Surety Bond required when they took on the project to ensure satisfactory performance.
Construction is continuing again despite the default because the project’s surety bonding company took on the project upon default and retained the project’s subcontractors. The surety bond is ensuring that the delay due to abandonment has not incurred any additional construction costs to the town. Hence, it is critical to obtain a surety bond.
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