China Construction Bank NZ ordered to pay 'principal's bond' to Clark Road contractor

Mon, 18 Dec 2017

By Jonathan Underhill Dec. 18 (BusinessDesk) - China Construction Bank (New Zealand) has been ordered to pay out on a 'principal's bond' after a contractor working for one of the developers of the Scott Point special housing area in Hobsonville, Auckland, won summary judgment in the High Court. A 'principal's bond' is the opposite of the 'performance bonds' typically provided by contractors in the construction industry to give their clients some confidence they will complete their contract as agreed. In this case, the contractor Rohits Ci...

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