The Financial Fallout from a Terminated Contract

Nina Conner News

Posted by Arthur Sonneland, for OldRepublicSurety No one wins — the principal, the obligee or the surety — when a principal is terminated on a bonded project. A termination will generally require the surety to step in and 1) find another contractor to complete the project, 2) complete the project itself or 3) offer a financial settlement to absolve itself …