Suit was filed by Union Beach and following discovery, the surety moved for summary judgment on the issue of whether it was discharged under the performance bond for Union Beach’s refusal to permit the surety to perform, with a contractor of its choosing, under section 5.2 of the bond
“Rather, it’s treated like an extension of credit, and the debtor does not have a right to continue to rely on bonds after filing for bankruptcy without the consent of the surety. In order to induce the surety to give such consent, the debtor may offer the surety the benefit of a surety program order allowing administrative claim status with respect to any losses surety pays on post-petition claims under its bonds. This status can apply to pre-petition bonds and will assure the surety of repayment if the reorganization is successful.” An example of how a surety can successfully facilitate communication is that of Synagro Technologies
By David K. Taylor of Bradley Arant Boult Cummings LLP Published October 19, 2022 Here’s the Scenario: After months of working with a new developer client (and providing hours of unreimbursed value engineering) and hard negotiations over the cost plus GMP contract (fighting over indemnity/escalation/savings/liquidated damage clauses), you have a deal
NASBP's comments in recommendation that the Office of General Services (GSA) approve an extension to the current information collection requirement which provides that, in order to qualify as a surety, individuals must complete and furnish contracting officers with Standard Form 28, Affidavit of Individual Surety. Comment letter also contains suggestions for the purpose of enhancing the quality, utility, and clarity of the information to be collected through the use of Standard Form 28
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See matching library entry files - Lawrence LeClair National Association of...
NASBP TERMS OF USE, COPYRIGHT & TRADEMARK INFORMATION & NASBP SURETYCONNECT & EGROUP MESSAGE BOARDS' CODE OF CONDUCT Terms of Use The National Association of Surety Bond Producers (NASBP) operates this internet site
In response to NASBP member requests for information about states prohibiting directed suretyship, NASBP has released its Survey of State Anti-Directed Surety Statutes information map.
The goal of architects is to help ensure successful project completion and to enhance the reputation of the owner—and the architect. Surety bonds play an essential role in the process by providing assurance the contractor is capable of meeting its contractual obligations and by protecting owners against contractor default and certain subcontractors and suppliers against non-payment
NASBP_Managing Projects_Final.pdf
Many construction-related contracts, ranging from negotiated EPC contracts to routine purchase orders, include clauses related to limitation of liability (LoL), damage limitation, indemnity, and exculpatory provisions. On this NASBP Virtual Seminar, Jonathan Dunn of SMTD Law LLP, brings his more than 30 years of construction law experience to the table as he discusses commonly used limitation of liability provisions in construction contracting, the legal rules of when they will be enforced, and circumstances and situations where even if typically enforceable, the law will not allow LoL provisions as a means to escape responsibility
04-04-2024 | 02:00 PM - 03:00 PM ET
TGB countered with a novel argument that the Bond distinguishes between (1) claims that require the surety to complete work on the project, for which termination of the subcontract is a condition precedent, and (2) claims that simply require the surety to reimburse TGB for damages caused by RCM’s breach of the subcontract, for which there is no condition precedent