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Fake Surety Bonds Stop Work

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.

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