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Performance Bonds Save Taxpayers Again

As reported by Caller.com, a Texas road contractor with more than $123 million in state road construction projects has file for bankruptcy.  Luckily, the state requires all road projects in excess of $40k to be bonded.  The surety Company that wrote the performance and payment bonds on the projects has already filed a motion to take over the unfinished work, hopefully minimizing the delays in construction. furthermore, the surety will see that all sub contractors and suppliers will be paid.

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