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My customer is a supplier that is first in line with the prime contractor. He is willing to give up his bonding rights

Connecticut

I am a supplier selling to another supplier. I have no connection with a subcontractor or the prime. The supplier I am selling to, and the prime contractor are willing to give my company the first supplier's bond rights. Is this doable and what agreement would be needed to accomplish this?

1 reply

Mar 10, 2021

Check with the bonding company to determine if the bonding rights are assignable. If so, you would need an assignment agreement to be signed by you as the new assignee, the assignor, and probably the consent of the original assignee and the bonding company.

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