Effect of abandonment of construction payment bond by contractor

In construction work, regardless of public or private contracts, it is not uncommon for the contractor to express the intention to give up the construction cost bond, and then request the payment of the construction cost through civil litigation after the construction is completed. The Civil Code has the Supreme Court precedent law on the interpretation of intentions or legal acts and the interpretation and effect of disposition documents through Articles 103 to 113, but it is difficult to find clear standards on what criteria and perspectives the contractor will examine the effectiveness of such bond abandonment during the construction process. The effect of the construction contractor’s abandonment of the construction cost bond can be examined by whether it meets the requirements for general bond abandonment.It is necessary to examine whether the requirements such as whether the bond has been waived with the right to dispose of the bond, whether the bond has been waived by the debtor, and whether it can be interpreted as an expression of intention to waive or exempt the bond. Whether such abandonment of construction payment bonds falls under Article 5 (1) and (3) of the National Contract Act (Principle of Contract), Article 6 (1) and (3) of the Local Contract Act (Principle of Contract), whether it is invalid in violation of Article 22 of the Framework Act on the Construction Industry, whether it violates the principles of formal contract prescribed in Article 11 (2) of the National Contract Act and Article 14 (3) of the Local Contract Act, whether it can be recognized as abandonment of construction payment bonds as compensation for liability for delay or defect security, whether it is possible to recognize the abandonment of construction payment bonds by members of consortium, whether it is possible to admit the abandonment of construction payment bonds, and whether the subcontractor's abandonment of construction payment bonds violates the Subcontract Act.