Performance Bond in Construction
In the construction industry, a performance bond is usually required by the client who wants the intended work to be covered by an insurance policy. When a contract is awarded to a particular contractor, the owner may require the winning contractor to post a specific bond to ensure performance or completion of the project, and [...]
- May 3, 2013
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Payment Bond Claims – Video II
Payment Bond Claims – video I
Payment Bond Claims, part II
It is crucial to review the payment bond agreement and related documents to determine exactly what the repayment bond covers. This is true also for exclusive jobs (the law has developed around just what is covered under Federal and State work). The following are the 4 major classifications covered in a payment bond claim: Wages. [...]
- April 1, 2013
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Payment Bond Claims, part I
Payment bonds benefit the subcontractors, laborers and suppliers of the principal or subcontractors of the principal. Unfortunately, payment bond claims can be particularly detrimental to a fiscally sound contractor as, many times, the contractor does not understand there is an issue till a claim is declared. What’s more, it can also result in a surety [...]
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A little bit about Claims – Performance Bond Claims
Claims Exactly what takes place if you receive a claim on a job? Instead of diving into the legal minutiae, let’s instead just briefly go over the standard operations and what you have to know. It’s vital to remember that, unlike insurance, bonds are based on a no reduction basis. That means you typically [...]
- March 21, 2013
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Nothing to do with bonds
Hulk Smash This video has nothing to do with bonds. It was made by my young son and, well, this old guy thought it was neat. http://youtu.be/DG-6WEhvCDk
- February 14, 2013
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SBA Announces Changes to Contracting Program to Help Women-Owned Businesses compete for Federal Contracts
SBA Announces Changes to Contracting Program to Help Women-Owned Businesses Compete for Federal Contracts by TiffaniC, Community Moderator Are you a woman-owned business looking to get a slice of the more than $400 billion dollar federal contracting pie? Under the new National Defense Authorization Act of 2013, the SBA will make changes to its Women-Owned [...]
- January 30, 2013
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Ground Fault Protection for Construction Sites
Ground-fault Protection for Construction Sites According to the National Institute of Safety and Health, the most frequently cited Occupational Safety and Health Administration (OSHA) electrical violation is improper grounding of equipment or circuits. This is especially troubling for construction managers in light of the fact that construction workers suffer more electrical burns and fatal electrical [...]
- January 23, 2013
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What now for the surety bond industry? Part III
The Leaderboard Magazine recently contacted three industry experts, Ken Simonson, Lawrence LeClair and Lenore Marema (bios below) on the future of the surety bond industry. Part III: The Security in Bonding Act LeClair said an important bill for the surety bond industry, the Security in Bonding Act, will likely have to be reintroduced in the [...]
- January 4, 2013
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Recent Posts
- Performance Bond in Construction
- Payment Bond Claims – Video II
- Payment Bond Claims – video I
- Payment Bond Claims, part II
- Payment Bond Claims, part I