Many owner-developers choose to forego requiring a Performance and Payment Bond from their contractors in the hope of shaving another 1%-2% from the project cost. However, current market conditions suggest that owners rethink that decision. The current industry environment consists of busy contractors competing for a limited labor pool, and struggling to meet ambitious project […]
bond claims Archive
The Legal Who, What, Where, Why + How of Bond Claims
On February 28, 2019, Don spoke as part of a two hour session about surety bonds featuring several industry experts. Covering the basics of bond claims, Don discussed types of bonds, who can make claims and what is covered, as well as when to make a claim and waiting periods. The PowerPoint that accompanied his […]
Bond Claims: How to Make Them and How to Avoid Them
Don Gregory and Michael Madigan explain one of the important mechanisms to getting paid in the construction industry: bond claims. Bond claimants must follow specific and sometimes burdensome procedures to protect their right to be paid. At the same time, general contractors and owners must be able to successfully defend and negotiate bond claims on a […]