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Discussion on the Function of the Surety Bond System in Engineering

Duan Yonghui Wang Jiansheng (Department of Civil Engineering, Zhengzhou Institute of Technology)  
As international convention, the surety bond in engineering is a kind of risk management mechanism to maintain the order of construction market, obligate each side to carry out one抯 word and keep the contract, and realize the open, just and fair environment. This paper discusses the engineering surety bond from four aspects including the connotation, historical background, current situation in China and foreign countries, and the function in domestic practices.
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