District of Columbia Bond to Secure against Defects in Construction

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US-1007BG
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Description

A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor.
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FAQ

Under ERISA, a breach of fiduciary duty complaint must be filed no more than six years after the date of the last action that constitutes a part of the breach or violation or, in the case of an omission, the latest date on which the fiduciary could have cured the breach or violation.

Virginia's Statute of Repose limits all actions against design professionals, contractors, subcontractors, and suppliers to five years at the outset. Va. Code § 8.01-250. This statute establishes an arbitrary termination date for construction liability, regardless of the cause of action.

Construction defects include improperly designed materials, poor workmanship, and failure to follow construction codes. Any deficiency in a building project can be considered a construction defect, including: Defective architectural designs. Lack of planning or supervision.

DC Condo Act § 42-1903.16(b). The warranty period for structural defects in the common elements is also two years and will typically run from the later of: (1) the date the developer conveys the first unit in the entire condominium; or (2) the date of the completion of the common element in question.

Washington D.C.'s standard statute of limitations period is three years. There are different exceptions for certain causes of action and where otherwise established by law, however. Cases to recover lands, tenements, or hereditaments can be filed up to fifteen years after the underlying action occurs.

Statutes Of Limitations In Construction Law For example, the statute of limitations on defect claims in Maryland and Washington, D.C., is three years from the date the defect was discovered, or reasonably should have been discovered.

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District of Columbia Bond to Secure against Defects in Construction