Practical Guide to Construction Contract Surety Claims provides clear guidance on the methods, procedures and case law surrounding the surety process. Whether you represent the surety, principal, or obligee, this one-of-a-kind reference will provide you with the indispensable, practical guidance and reliable tools you need to manage the surety process.
Practical Guide to Construction Contract Surety Claims is logically organized around the various types of bonds - payment bond, bid bond, performance bond - as well as the claims that are asserted against those bonds, and the methods of investigation and resolution of those claims. 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 process, such as:
- Bankruptcy of the principal
- Claims for extra-contractual damages
- Claims by the surety against the principal
- Indemnity for losses sustained by the surety
- The interrelationship of the surety and the insurance carriers for the construction project
Valuable analysis of case law is included within the discussion of each topic, and the relevant facts of key cases are highlighted where applicable..
