Originally posted 2015-12-07 09:38:21. For this weeks Guest Post Friday at Musings, we welcome Surety Bonds.com, a leading online surety provider. SuretyBonds.com specializes in educating current and prospective business owners about local surety requirements. To keep up with surety bond trends, follow and Surety Bonds Insider blog and @suretybond on Twitter. Professionals who work in […]
Is Moving Away from Construction Bonding Requirements a Good Idea?
Originally posted 2011-07-25 09:00:48. Recently, the legal/construction blogosphere (if that’s still a word) has been discussing a move by Ohio State University to eliminate the need for construction payment and performance bonds on public projects for the university. Needless to say, this move is not popular with certain portions of the construction industry. In fact […]
General Indemnity Agreement Can Come Back to Bite You
I talk about payment bonds often here at Construction Law Musings. I talk a bit less about performance bonds and even less about the General Indemnity Agreements (GIA) that are signed by companies and their principals as part of the agreement between a construction company and its bonding company for the provision of these bonds. […]
Oh No! The Surety Went Belly Up! Now What?
Here at Construction Law Musings, I have often discussed payment bond claims under the federal Miller Act and its state specific analogs (so called “Little Miller Acts“). Most of these discussions have assumed without actually stating that the surety carrying the payment bond would be solvent and available to pay any judgment against it. Unfortunately, […]
Why Contractors Should Notify Bonding Companies Quickly
With the rise in federal and state construction projects, and the need for contractors and other construction professionals to seek out these projects in the present economy, focus on the Miller Act and your state’s “Little Miller Act” is key. As a quick reminder, the Miller Act essentially requires that a general contractor carry a […]