This week, September 24-30, marks the annual Work Green Building Week, which aims to motivate and empower us all to deliver greener buildings. The event is promoted by the World Green Building Council (WGBC), which also produces an annual report with key statistics on green building space and policy changes around the world.
Most contractors working on public projects, and even some private projects, are familiar with surety bonds. This contract is between the obligee, or the recipient of the obligation; the principal party, who will pay for the contracted obligation; and the surety. It is a promise by the surety to pay the obligee if the principal fails to meet their obligation.