Date Published: April 4, 2013
The Patuxent River Naval Air Museum project in Maryland has been put on hold because the GC provided fraudulent surety bonds. Surety bonds are a cost effective way to save taxpayers and owners from paying for the same work twice in the case of a contractor default.
Apparently, the GC on the project provided fraudulent performance and payment bonds, which probably offer no protection to the owners and taxpayers.
Surety only represents A rated, surety companies listed on the as acceptable sureties by the Federal Government.
This contractor should have purchased the bonds from a reputable firm, like Surety1.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.