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What is Ratification?

Ratification is the evaluation and/or reassignment of subcontracts after construction default. After the Principal (usually the contractor on a project) defaults and the Obligee (usually the owner of a project) calls the bond, the Surety evaluates the contracts of all suppliers and subcontractors, and ratification agreements are made between the Surety and the suppliers/subcontractors to ensure performance of and payment for the work required to complete the project.