LATEST SURETY HIGHLIGHTS
Mass. New Construction Law adds another reason for surety bonds
Massachusetts has passes a law mandating that the maximum amount an owner or developer can hold back as retainage is 5% of the amount billed. This is a significant departure for the national standard of 10%.
Owners and developers say that the small amount provides little leverage in the case of work improperly done or left incomplete.
Of course, this could be mitigated by the owners and developers requiring performance and payment bonds of their contractors and subcontractors, thereby eliminating said risk.
See more on the issue here
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- MA Private Detective Bond, Unsigned
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- MA Public Official Bond, Unsigned
- MA Real Estate Broker Bond
- MA Second Hand Motor Vehicle Dealer Bond
- MA Transient Vendor Bond
- MA Treasurer Term Bond, Signed
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