Wednesday, November 26, 2014

The Owner's Authority: Illinois Public-Construction Bonds Are “Deemed” to Include Both a Performance and Payment Guarantee

On The Owner's AuthorityDaniel Dorfman recently posted an interesting article on a recent Illinois case concerning performance and payment bonds:

Last month, in Lake County Grading Company, LLC v. Village of Antioch, the Illinois Supreme Court handed down a ruling concerning bonds procured under the Illinois Public Construction Bond Act. The Court held that performance bonds procured under the Act are deemed to include payment obligations, regardless of whether the bonds expressly include payment guarantees.

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