financial arrangement

financial arrangement

Postby hnQ_9999 » Tue Apr 04, 2017 11:55 am

I took this Chen's Question from CD forum.

What is the next course of action for a contractor after requesting
the owner provide evidence of financial arrangement, and being refused ?

The obvious answer is terminate CT as per 201.
I am not sure "financial arrangement" entails "having bond".
If it is not, then GC can continue to work bec if
owner is bonded, payments from owner are kinda
guaranteed, then no need to ask (?).
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Re: financial arrangement

Postby Coach » Tue Apr 04, 2017 12:02 pm

hnQ_9999 wrote:I am not sure "financial arrangement" entails "having bond".
If it is not, then GC can continue to work bec if
owner is bonded, payments from owner are kinda
guaranteed, then no need to ask (?).

What bond?
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Re: financial arrangement

Postby hnQ_9999 » Tue Apr 04, 2017 12:24 pm

sorry, Owner purchased-payment bond (as oppose to performance bond by GC)
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Re: financial arrangement

Postby Coach » Tue Apr 04, 2017 12:52 pm

That's not what a payment bond is.
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