General-Conditions-of-Contract

it is an agreement between parties, creating mutual obligations that are enforceable by law.

refers to the determination of parties to act or perform in a particular manner. It's a state of mind with which the parties entered into contractual obligations.

Is any change, in part or whole, occurring to a legally binding agreement between two or more parties. Any contract can be modified before or after signing the agreement, but all parties must agree to the changes. If any party doesn't agree to the modification, the changes are invalid

Is a form of protection for the owner against non-payment, lack of performance, company default, and warranty issues.

is the person or company purchasing the bond. On most projects, this is usually the general contractor or a subcontractor.

It provides the bond for the project. This is the party responsible for arranging for the completion of the contract if the contractor fails to perform.

is the party protected by the bond. This party is usually the property owner, public agency, or other party requiring the bond.

It guarantees that a contractor will perform the work according to the conditions and requirements of the construction contract.

is typically the principal on a performance bond, with the owner as obligee.

It protects the project owner from liens against the property by guaranteeing that the policyholder (typically the GC) will pay all subcontractors and suppliers for their work and materials.