Most bond forms in use today, including the standard form AIA A312-2010, contain express condition precedents that trigger a surety’s obligations under the bond. Under a performance bond, the bond obligee is required to provide formal notice to the surety that the principal has materially defaulted and that the surety must begin to perform under
Proposed Public/Private Partnership Infrastructure Legislation
A recent report by The Brookings Institution noted that the infrastructure in the U.S. has over the years failed to receive an adequate investment to maintain national growth and economic health. Because of stringent regulatory processes, inadequate public financial resources and the complexity of infrastructure development, construction and maintenance, the public sector is looking increasingly