Font Size: a A A

Research On Construction Surety Bonde

Posted on:2004-07-08Degree:MasterType:Thesis
Country:ChinaCandidate:H ChenFull Text:PDF
GTID:2156360092997034Subject:Structural engineering
Abstract/Summary:PDF Full Text Request
Recent years, construction are highly developed in China, but no effective system of surety guarantee and system of risk transfer restrict actions of owners and constructors to elude risk so that a good many problems come forth, such as bad quality and nonpayment, especially in performance of contract. Construction surety bonds is an important credit instrument to guarantee the performance of a construction contract, which has been successful practicing for one hundred years, especially in avoiding risk of credit construction surety bonds plays a non-replaceable role, so the research on it has importantly academic and realistic meaning and broad prospects of application.Construction surety bonds/guarantee inducts a new bodies in construction field, which compose a body which has three parts with owners and contractors, thereby it can take full advantage of basic running pattern of market economy and found mechanism of market credit and benefit restriction among them in order to canonically manage the build market.The research of the paper mainly includes two aspects.On the one hand the research on basic theory of construction surety bonds start with its concept, it discusses the mode and law propriety of construction surety bonds. The paper mainly analyses foundation in law and principle in economics in-depth. It points that according as surety law in China construction surety bonds only adopts guarantee mode. Its principle in economics is information dissymmetry. Only putting construction surety bonds into practice and inhibiting guarantee in construction field, the information dissymmetry between owners and contractors can be efficiently dominated and symmetrically distributed so that accelerate the performance of contract. As one of measures of risk management the paper also contrasts construction surety bonds to other measures of risk management and concludes that the relation between them is interdependent and interact ional. They reduce the whole risk of construction project and protect its per formation.On the other hand the paper detailedly expound background meanings anduses of construction surety bonds in China and construes realistic conditions in China and actions of Chinese government in practicing construction surety bonds. Combining with species, mode and materially personal experience of construction surety bonds in application in developed country. The paper concludes that besides bid bond and performance bond employer payment bond should be put into practice in China considering the situation of the country. The paper offers the example format of employer payment bond, which is also a theoretical innovation.The conclusion in the thesis enriches theoretical base on practicing construction surety bonds in China, and establishing the better foundation for more research on construction surety bonds in future.
Keywords/Search Tags:construction project, construction surety bonds/guarantee, construction saving mechanism, risk management, contract management, credit mechanism
PDF Full Text Request
Related items