Surety Bond Quarterly Article | AIA A312 Performance Bond; This form lays out conditions and responsibilities for the obligee and surety.
By Gregory R. Veal January 25, 2023 Articles
Originally posted in the Winter 2022 Surety Bond Quarterly NewsletterThe 2010 version of the AIA A312 performance bond is an effort to balance the rights and duties of the obligee and the surety. It replaces the 1984 version, with a few tweaks and one major shift of risk, in Section 4. As with almost all bonds, those rights and duties are subject to certain conditions. Even the most rudimentary performance bond usually begins, "NOW, THEREFORE, the condition of this bond is … ." The A312 bond, though, sets out perhaps the most developed set of conditions of any form.Read More