Oliver Craig | Construction Executive Even a market as sure as surety bonding is expecting trends and uncertainties in 2024. From interest rates and credit availability to labor and insurance, challenges and opportunities abound. Reflecting on the dynamics of the 2023 construction and surety industries, it is evident that opportunities and challenges have emerged for… Continue reading Surety Trends to Keep an Eye on in the Construction Industry
Tag: Surety
Construction Litigation Roundup: “Who Needs Them”
Daniel Lund III | Phelps Dunbar Who needs them? So argued a surety pursuing recovery under its general agreement of indemnity when the indemnitors urged a Louisiana federal court to dismiss the surety’s complaint for failure to join various allegedly required parties as defendants in the litigation. As part of its court action, the surety… Continue reading Construction Litigation Roundup: “Who Needs Them”
Ways to Guard Against Insolvency Risks
Colm Nelson | Stoel Rives Headlines such as “US set for recession next year, economists predict,” from the June 12 edition of the Financial Times, are a reminder insolvency risks are real and should be top of mind when moving forward with new construction projects. But there are ways to mitigate the risks. Performance bonds, as… Continue reading Ways to Guard Against Insolvency Risks
When Subcontractors Sue Only the Surety on Payment Bond and Tips for General Contractors
Ira M. Schulman and Emily D. Anderson | Pepper Hamilton | June 17, 2019 Payment bonds have been a staple of public construction projects since 1874, when the U.S. Congress first passed the Heard Act, which required that contractors obtain payment bonds for public projects to ensure that subcontractors and material suppliers have a way… Continue reading When Subcontractors Sue Only the Surety on Payment Bond and Tips for General Contractors
The Problem with Weak Payment Bond Defenses
Stanley A. Martin | Commonsense Construction Law | July 26, 2019 A payment bond surety whose principal may be insolvent is caught in a difficult spot. But a Connecticut court decision dealt a major blow to a surety who tried to rely on a series of special defenses, none of which stood up to the… Continue reading The Problem with Weak Payment Bond Defenses