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Kenneth M. Block and Jeffrey B. Steiner, members of Brown Raysman Millstein Felder & Steiner, write that construction lenders generally require borrowers on major projects to obtain performance bonds from their contractors. For the past several years, however, an alternative to performance bonds has been available in the form of contractor default insurance, marketed under the name "Subguard" by Zurich North America Insurance Company.
July 20, 2005 at 12:00 AM
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