Completion Bond
Definition of "Completion bond"
Bond given by a building contractor to a public authority and guaranteed by a third party, usually a bonding company, that a contracted construction project will be completed within the contract period. Building contractors must be qualified in terms of meeting specific experience and achievement qualifications. Should the building contractor default, the bonding company guarantees to compensate for financial damages.
Popular Real Estate Terms
Real annual return on a real estate investment. It equates the initial investment with the present value of future net cash inflows from the investment. The IRR can be determined by using a ...
An insurance policy indemnifying a property owner up to the limits of the policy against fire or other hazard requiring the total destruction and removal of the structure. ...
Combination of insurance policies on property with each providing an additional increment of coverage exceeding the limits of the preceding policy. For example, policy A adds $70,000, then ...
The Principle of conformity states that conformity is achieved when all the entities or objects comply to the same standard, rules or laws. This creates a balance and stability between ...
(1) Judgment against a defendant who does not respond to the plaintiffs lawsuit or fails to appear in court at the hearing or trial date. (2) Judgment issued by the court against the ...
Legally proper instrument under seal that transfers title to real property from the seller to buyer. ...
Net amount of cash than an investor requires from an income-producing property, after taxes, for a period of time, usually a year. It is computed by accumulating all rental receipts for the ...
When we talk about adverse environmental impacts, we always refer to the man-made negative impact on the environment. An adverse environmental impact can be defined as negative changes that ...
Platform erected on a roof in some New England homes having a view of the sea. It was said widows of lost seaman would walk on the platform looking out at sea for their husbands to return ...
Have a question or comment?
We're here to help.