Define opportunity. opportunity synonyms, opportunity pronunciation, opportunity translation, English dictionary definition of opportunity. n. pl. opÂ·porÂ·tuÂ·niÂ·ties 1. A favorable or advantageous circumstance or combination of circumstances. 2. A chance for progress or advancement, as in a...
Share on Google Plus. Breaches of real estate contracts occur when one party fails to perform a contract provision. Buyer breaches include not meeting a loan or physical inspection. Seller breaches may include failing to deliver clear title or statutory disclosures. The parties must follow the method of dispute resolution contained in the contract to resolve contract breaches.
What Happens if the Construction Bond Obligation is Not Met? If the bid bond obligations are not met, the principal, usually referring to the contractor, and the surety, are liable for the bond jointly and severally. There are penalties that apply for failure to comply with bond obligations.