[paragraph] 1 Renunciation of solidarity by the
obligee in favor of
Unlike insurance--which compensates the insured against unexpected adverse events--a bond is designed help the
obligee or project owner manage risk by preventing loss.
Nothing herein contained shall prevent such claimant or any third person from vindicating his claim to the property in a separate action, or prevent the judgment
obligee from claiming damages in the same or a separate action against a third-party claimant who filed a frivolous or plainly spurious claim.
Under the terms of a bid bond, the surety undertakes to pay a specified penalty to the
obligee, if the principal fails to enter into the underlying contract.
After the expiration of the limitation period the right of the
obligee still exists, but an action for the performance of this right is barred by the fact that the obligor invoked the expiration of the limitation period; instead, the
obligee may assert a right of retention on the basis of a right extinguished by the limitation.
Notwithstanding the above, at the time of drafting the contract, as a means of increasing the likelihood of an undertaking to performing the same, the obligor may offer the
obligee a promise to act in favour of the
obligee in a separate document ancillary to the underlying contract (the "Declaration").
The previous guidelines failed to incorporate in a substantive way the
obligee's income in determining the amount to be paid by the obligor.
If the bond principal allegedly fails to perform its obligations under the applicable contract, a surety may receive notice of a performance bond claim from the
obligee as either:
When you no longer provide income to the obligor, you shall notify the
obligee, {name} --, {address} --, and provide the obligor's last known address and the name and address of the obligor's new payor, if known, utilizing the form contained within the Income Withholding Order/Notice for Support.
Here, the contracting party may have to take steps "which a prudent, determined and reasonable
obligee (ie a person who has the benefit of the clause) acting in his own interests and desiring to achieve the end result would take".
To intercept an obligor's federal and state refund, the
obligee can contact the DCSE.
If jurisdictional obstacles pose hardships across state lines, even further challenges come to light when a support order originates in a foreign country and an
obligee seeks enforcement in a particular U.S.
