Significance of Construction Guarantee Institution to Risk Management in China
YANG Xia
DOI:10.11835/j.issn.1674-4764.2002.04.015
Received ,Revised , Accepted , Available online July 01, 2015
Volume ,2002,Pages 69-
- Abstract
Construction guarantee institution is a risk management means to disperse or remove each party's risk. The guarantor makes a promise in written form to the party in right under guarantee's demand to fulfill what the guarantee is requested in construction contract, if the guarantee cannot do it. In developed countries and regions, the construction guarantee is an important part of social guarantee system in construction engineering and has been developed amply. Beginning with the methods of risk management, this paper introduces and analyzes the important statue of guarantee in construction industry in risk management over the world and provides some advice on how to carry out the guarantee in our construction industry.