Practical Guide to Construction Contract Surety Claims

Book excerpt: Practical Guide to Construction Contract Surety Claims, Second Edition 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, Second Edition 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. Bonus Interactive CD-ROM Includes All Forms and Documents This unique CD-ROM contains nearly 150 forms, such as sample agreements and correspondence among the parties, providing the guidance you need to act quickly and protect your client's interests in any situation.