The Construction Information Service (CIS) | IHS Markit
Master your projects with one-stop, definitive construction information Developed by IHS Markit and NBS, the Construction Information Service (CIS) is an online tool to quickly access current regulations, construction standards, technical advice and industry news on building, engineering, design and construction processes in the United Kingdom and Republic of Ireland.
Bonds in construction contracts - Designing Buildings
Aug 28, 2020 · Bonds in construction contracts - Designing Buildings - Share your construction industry knowledge. Bonds are a means of protection against the non-performance of the contractor. They are an undertaking by a bondsman or surety to make a payment to the client in the event of non-performance of the contractor. The cost of the bond is usually borne by the …
Performance bond for construction - Designing Buildings
Aug 28, 2020 · Performance bond for construction - Designing Buildings - Share your construction industry knowledge. A performance bond (or performance security) is commonly used in the construction industry as a means of insuring a client against the risk of a contractor failing to fulfil contractual obligations to the client. Performance bonds can also be required …
Advance payment bond for construction contracts
Advance payment bond for construction contracts - Designing Buildings - Share your construction industry knowledge. If the client agrees to make an advance payment (sometimes referred to as a down payment) to a supplier, a bond may be required to secure the payment against default by the contractor. This is referred to as an advance payment bond (APB), …
Retention bond - Designing Buildings
Retention bond - Designing Buildings - Share your construction industry knowledge. Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate that is retained by the client. The purpose of retention is to ensure the contractor properly completes the works required under the contract.