| 1:15 pm |
Session 1: “BOB Talks” (Brief(s) on Bonding): short sessions presented by subject matter experts on hot topics to include:
- FASB Accounting Changes:
David Jean, Albin, Randall & Bennett
In this session, we'll provide an overview of the new FASB accounting and financial reporting changes such as the revenue recognition and leasing rules. We will discuss how these new pronouncements will affect contractor’s financial statements and surety underwriting.
- My Brother’s Keeper: The Pitfalls of Bonding Special Preference Relationships.
Todd R. Regan, Robinson+Cole
Recent court cases have held that sureties and individual bond producers can be held personally liable for a principal’s wrongful or fraudulent efforts to obtain public contracts under set-aside and preference programs. This presentation will discuss the factual and legal basis on which sureties and producers may potentially be held liable for the principal’s fraudulent conduct and will provide some practice pointers on how to avoid this potential liability.
- Planning for the Future:
David Jean, Albin, Randall & Bennett
Leaving your business is inevitable. Exit planning is all about leaving on your terms. In this session, we'll provide an overview of why business owners should prioritize exit planning and discuss key questions you'll need to address before exit planning can begin. We'll discuss how to identify your objectives, how the process starts and will provide an overview of how advanced planning can ease the transition, minimize taxes and preserve cash flow.
- Adventures of the Surety in the New Frontier — The Extension by State Law of the Prime’s Liability to Third Tier Subcontractors and Beyond
Peter E. Strniste, Jr., Robinson+Cole
Under the Federal Miller Act and the Little Miller Acts of most states the Surety’s liability is limited to second tier subcontractors and suppliers. Third-tier and more remote subcontractors and suppliers cannot recover against the Miller Act or Little Miller Act payment bond. Recovery under a private bond is limited by the language of the bond and applicable state law. This presentation will examine recent trends in state law extending the prime’s liability to third tier subcontractors and suppliers and beyond as well as the effect upon the Surety’s payment bond liability in both the public and private settings.
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