Definition : Surety - Performance bond

Contract by which a surety (usually an insurer) undertakes to indemnify the client (the "beneficiary" of the bond) for the financial losses that would be caused to him if the construction contractor (the "principal debtor" or the "surety") fails to fulfil his contractual obligations to him.

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May 3, 2022- The duty of maintenance and conservation of the building that falls to the administrators of a co-ownership involves one day doing business with construction contractors. Whether it is to replace the roof, renovate the entrance hall or repair brick siding and masonry, it is important to be vigilant when awarding such contracts, given their often very high costs. As agents of the syndicate, directors must act with caution, in order to protect the interests of the community of co-owners. This translates into various rules that should be followed, especially when the work is important:  
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