Guarantees for Contractor’s Performance and Owner’s Payment in China
Publication: Journal of Construction Engineering and Management
Volume 128, Issue 3
Abstract
This paper first analyzes the problem of default risk that contractors and owners often face in China, then stresses that establishing a construction contract guarantee system is a necessary and effective measure for solving this problem. Policy choice for establishing a construction contract guarantee system in China is presented in this paper by using the experience of developed countries for reference and taking Chinese domestic circumstances into account. Further discussion is included about how to protect contractors from default of payment of owners by exercising the right of legal mortgage in accordance with Chinese contract law.
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References
AIA Document A201: General conditions of the contract for construction. (1997). American Institute of Architects, Washington, D.C.
AIA Document A310: Bid bond. (1970). American Institute of Architects, Washington, D.C.
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Information & Authors
Information
Published In
Journal of Construction Engineering and Management
Volume 128 • Issue 3 • June 2002
Pages: 232 - 237
Copyright
Copyright © 2002 American Society of Civil Engineers.
History
Received: Oct 3, 2000
Accepted: Jun 13, 2001
Published online: May 15, 2002
Published in print: Jun 2002
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