Payment and Performance Surety Bonds in Construction Projects

Asserting and Defending Surety Bond Claims and Exploring a Cost Effective Alternative for Owners, Contractors and Sureties to Protect Rights or Maximize Recovery

Recording of a 90-minute CLE webinar with Q&A


Conducted on Thursday, August 15, 2013

Program Materials

This CLE webinar will provide construction counsel with a review of payment and performance bond coverage issues. The panel will outline key aspects of bond disputes, and offer best practices to maximize recovery and protect interests in disputes.

Description

Payment and performance bonds are critical risk management tools for construction project owners and contractors to guarantee payment and performance by various stakeholders due to current economic risks that clearly jeopardize timely and on-budget completion.

While surety bonds reduce risks inherent in construction projects generally, they are particularly critical in the current economic climate due to heightened risks of contractor default and owner financial difficulties.

Construction law practitioners must understand the more complicated issues that can arise when a party makes a claim under a surety bond in order to avoid costly traps and pitfalls.

Listen as our authoritative panel of construction attorneys examines surety bond coverage issues and disputes, and identifies common traps and pitfalls to avoid in asserting or defending surety bond claims.

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Outline

  1. Payment bond coverage issues and common disputes
    1. Private v. Miller Act bonds
    2. Parties and work qualifying for coverage
    3. Recovery for extra work, delay damages, profits etc.
    4. Surety obligations and defenses
  2. Performance bond coverage issues and common disputes
    1. Declaration of default and surety options
    2. Covered claims
    3. Surety defenses to owner’s claims on the bond
    4. Owner’s claims against the surety
  3. Best practices for maximizing recovery and protecting interests

Benefits

The panel will review these and other key questions:

  • What protections do payment and performance bonds provide various stakeholders in the project?
  • What are some of the more common pitfalls in making claims against surety bonds?
  • What lessons can counsel learn from recent case law to preserve and protect bond claim rights?

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Jonathan Burwood
Jonathan Burwood

Partner
Hinshaw Culbertson

He focuses his practice primarily in the areas of surety bond, construction, environmental, and commercial...  |  Read More

Lawrence Melton
Lawrence Melton

Partner
Nexsen Pruet

He practices primarily in the construction law group and is also teaching a class in Construction Law and Litigation...  |  Read More