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Construction performance guarantee : performance bond / Awang Ihsan Awang Yunus and Khairul Anuar Maarof

Nowadays in the construction industry, the problems of non-performance by the contractor have become a common thing faced by the client. This problems usually happens the contractor failed to execute the according the contract. It has been a common issue in Malaysia when dealing with contractor...

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Main Authors: Awang Yunus, Awang Ihsan, Maarof, Khairul Anuar
Format: Article
Language:English
Published: Faculty of Architecture, Planning and Surveying 2013
Subjects:
Malaysia
Online Access:http://ir.uitm.edu.my/id/eprint/13608/1/AJ_AWANG%20IHSAN%20AWANG%20YUNUS%20%20BEJ%20%2013.pdf
http://ir.uitm.edu.my/id/eprint/13608/
https://bej.uitm.edu.my/
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spelling my.uitm.ir.136082017-08-30T02:25:34Z http://ir.uitm.edu.my/id/eprint/13608/ Construction performance guarantee : performance bond / Awang Ihsan Awang Yunus and Khairul Anuar Maarof Awang Yunus, Awang Ihsan Maarof, Khairul Anuar Malaysia Malaysia Nowadays in the construction industry, the problems of non-performance by the contractor have become a common thing faced by the client. This problems usually happens the contractor failed to execute the according the contract. It has been a common issue in Malaysia when dealing with contractor's non-performance. Thus the client needs a protection in the event when the Contractor fails or defaults in its performance under the contract, such as abandonment or the works is of proof or any defects in the work appearing during the defects liability period. Contractor's performance guarantee is the feature or a management tool to handle the risk of non-performance by the contractor. Performance bond are introduced to ensure that contractor will honour and perform the contractor diligently. If the contractor failed to execute the work within the specification of the contract or the contractor abandoned the work, the performance bond can be used towards the disbursement of expenses incurred by the employer in rectifying the defect. Performance bond is three party agreement between the employer, contractor and a third party (usually a bank or insurance company), who agrees to pay sum of money to the employer, the event of default by the contractor in the construction contract. If the contractor has performed in the contract or in the words, has carried out the work within the contract, the client needs to release back the performance bond. Faculty of Architecture, Planning and Surveying 2013 Article PeerReviewed text en http://ir.uitm.edu.my/id/eprint/13608/1/AJ_AWANG%20IHSAN%20AWANG%20YUNUS%20%20BEJ%20%2013.pdf Awang Yunus, Awang Ihsan and Maarof, Khairul Anuar (2013) Construction performance guarantee : performance bond / Awang Ihsan Awang Yunus and Khairul Anuar Maarof. Built Environment Journal (BEJ), 10 (1). pp. 85-100. ISSN 1675-5022 https://bej.uitm.edu.my/
institution Universiti Teknologi Mara
building Tun Abdul Razak Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Mara
content_source UiTM Institutional Repository
url_provider http://ir.uitm.edu.my/
language English
topic Malaysia
Malaysia
spellingShingle Malaysia
Malaysia
Awang Yunus, Awang Ihsan
Maarof, Khairul Anuar
Construction performance guarantee : performance bond / Awang Ihsan Awang Yunus and Khairul Anuar Maarof
description Nowadays in the construction industry, the problems of non-performance by the contractor have become a common thing faced by the client. This problems usually happens the contractor failed to execute the according the contract. It has been a common issue in Malaysia when dealing with contractor's non-performance. Thus the client needs a protection in the event when the Contractor fails or defaults in its performance under the contract, such as abandonment or the works is of proof or any defects in the work appearing during the defects liability period. Contractor's performance guarantee is the feature or a management tool to handle the risk of non-performance by the contractor. Performance bond are introduced to ensure that contractor will honour and perform the contractor diligently. If the contractor failed to execute the work within the specification of the contract or the contractor abandoned the work, the performance bond can be used towards the disbursement of expenses incurred by the employer in rectifying the defect. Performance bond is three party agreement between the employer, contractor and a third party (usually a bank or insurance company), who agrees to pay sum of money to the employer, the event of default by the contractor in the construction contract. If the contractor has performed in the contract or in the words, has carried out the work within the contract, the client needs to release back the performance bond.
format Article
author Awang Yunus, Awang Ihsan
Maarof, Khairul Anuar
author_facet Awang Yunus, Awang Ihsan
Maarof, Khairul Anuar
author_sort Awang Yunus, Awang Ihsan
title Construction performance guarantee : performance bond / Awang Ihsan Awang Yunus and Khairul Anuar Maarof
title_short Construction performance guarantee : performance bond / Awang Ihsan Awang Yunus and Khairul Anuar Maarof
title_full Construction performance guarantee : performance bond / Awang Ihsan Awang Yunus and Khairul Anuar Maarof
title_fullStr Construction performance guarantee : performance bond / Awang Ihsan Awang Yunus and Khairul Anuar Maarof
title_full_unstemmed Construction performance guarantee : performance bond / Awang Ihsan Awang Yunus and Khairul Anuar Maarof
title_sort construction performance guarantee : performance bond / awang ihsan awang yunus and khairul anuar maarof
publisher Faculty of Architecture, Planning and Surveying
publishDate 2013
url http://ir.uitm.edu.my/id/eprint/13608/1/AJ_AWANG%20IHSAN%20AWANG%20YUNUS%20%20BEJ%20%2013.pdf
http://ir.uitm.edu.my/id/eprint/13608/
https://bej.uitm.edu.my/
_version_ 1685648417864286208
score 13.211869

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