In an effort to make civil monetary penalties more effective, last year Congress passed the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. As part of this act, penalties under the Occupation Safety and Health Act (OSH Act), those enforced by OSHA, have been increased beginning Aug. 1, 2016.
Payment and performance bonds, which fall under the general umbrella of contractors bonds, are typically required on many major construction projects. In fact, most large-scale building projects cannot begin until the bonds are acquired and displayed. Although they are often issued together, payment bonds and performance bonds differ in service.