Surety Bonds For Construction Contracts

Author: Jeffrey S. Russell
Publisher: ASCE Publications
ISBN: 078447043X
Size: 17.57 MB
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This book presents the complex field of suretyship for construction contracts by describing and analyzing each element of the surety bonding process in basic terms.

Practical Guide To Construction Contract Surety Claims

Author: William Schwartzkopf
Publisher: Aspen Publishers Online
ISBN: 0735552630
Size: 32.62 MB
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It covers in detail the surety's options for resolving performance bond claims, including: Tender Completion by the obligee Completion by surety Financing the principal This book also addresses matters that affect the claims handling ...

Smith Currie Hancock S Federal Government Construction Contracts

Author: Thomas J. Kelleher, Jr.
Publisher: John Wiley & Sons
ISBN: 0470539763
Size: 14.44 MB
Format: PDF, Mobi
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I. INTRODUCTION In government construction contracts, contractors provide
three types of bonds: (1) bid bonds, which guarantee the contractor's bid or
proposal; (2) payment bonds, which guarantee payment of lower-tier
subcontractors and suppliers; and (3) performance bonds, which guarantee
performance on the project. These bonds represent a promise to the bond
obligee (or beneficiary) that the surety will perform some duty on the part of the
bond principal (in this case, usually ...

Understanding Construction Contracts

Author: Akhtar Surahyo
Publisher: Springer
ISBN: 3319666851
Size: 44.61 MB
Format: PDF, ePub, Mobi
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construction industry for many years. As per the Surety Information Office (SIO)
USA [7], out of 1,424,124 contractors in business in 2007, only 969,937 were still
in business in 2009, i.e., a failure rate in 2 years was 31.9%. Hence, by specifying
surety bonds, the Owner has peace of mind that a sound risk transfer mechanism
is in place. Like an insurance company, the surety looks like an insurer but a
bond is not insurance. There is lot of difference between a bond and insurance;
the ...

Construction Contracts

Author: Edward Whitticks
Publisher: Elsevier
ISBN: 0127999736
Size: 74.31 MB
Format: PDF, Kindle
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Bill of quantities Usually concerned with the civil work in a contract. The bill of
quantities is a list of items in the contractor's work with columns for the estimated
quantity per unit of measurement, that is, linear feet, cubic yards, and so on, the
contractor's quoted unit price, and the sum. Bonds Bid bond A type of surety bond
that is submitted with a contractor's bid for work. It demonstrates good faith and
protects the client against loss incurred when the selected bidder fails to accept
the ...

Legal Aspects Of Architecture Engineering And The Construction Process

Author: Justin Sweet
Publisher: Cengage Learning
ISBN: 1111578710
Size: 29.96 MB
Format: PDF, ePub, Mobi
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Some contractors do not insure against the risks and calamities that can be
covered by insurance. Finally, anti-inflationary government policies such as tight
money policies almost always hit the building industry first. In most construction
projects, bonds are needed to protect the owner. The owner in most projects
would like to have a financially solvent surety if the successful bidder does not
enter into the construction contract (bid bond), the prime contractor does not
perform its work ...

California Construction Contracts Defects And Litigation

Author: Philip Weverka
Publisher: CEB
ISBN: 0762624728
Size: 57.22 MB
Format: PDF, Docs
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construction manager against the risk of a subcontractor failing to complete work
called for in a contract or performing defective or nonconforming work. SDI
policies are typically obtained in connection with a single large project, and often
as part of an owner-controlled insurance program (OCIP; see ยง12.6). Typically,
only very large contractors have purchased SDI. SDI policies are often
significantly less expensive than a surety bond with equivalent liability limits. SDI
policies allow the ...

Construction Contracts

Author: CTI Reviews
Publisher: Cram101 Textbook Reviews
ISBN: 149704054X
Size: 30.30 MB
Format: PDF
View: 1674
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Bond: In finance, a bond is an instrument of indebtedness of the bond issuer to
the holders. It is a debt security, under which the issuer owes the holders a debt
and, depending on the terms of the bond, is obliged to pay them interest (the
coupon) and/or to repay the principal at a later date, termed the maturity date.
Interest is usually payable at fixed intervals (semiannual, annual, sometimes
monthly). Surety: A surety, surety bond or guaranty, in finance, is a promise by
one party to ...