-based clients doing business internationally were looking into options other than the letter of credit, which is commonly used in other countries
Comments on Financial Management Service (FMS) docket number FISCAL-FMS-2010-0001 with regards to concerns with proposed rules impacting the administration of the corporate surety program by FMS
Fiscal FMS Comment Letter 2010-0001.pdf
But in one recent case, the confluence of a short (6-month) notice of claim requirement, and a strict (and unexpected) interpretation of the claim’s accrual date, meant early and complete dismissal of one contractor’s claim. 1 In that matter, William G. Prophy, LLC (“Prophy”) contracted with the Town of Southampton (“Town”) in April 2018 for stabilization and restoration construction of a museum