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What Contractors Need to Know About Surety Bonds

Construction Marketing

If the principal’s bond application is approved, the surety company will require the principal to sign an indemnity agreement before it will issue the bond. The indemnity agreement provides that the principal will hold the surety harmless if a claim is filed against the bond. Are Surety Bonds Insurance?

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Contractor License Bonds: Everything You Need to Know

Levelset

A contractor bond is a three-party agreement. In the event of a valid claim against the license bond, the principal must reimburse the surety company for any payouts. The surety company is responsible for requesting reimbursement from the contractor after a claim payout has been made on the contractor’s behalf.

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Subtle (and Not So Subtle) Effects of COVID-19 on the Construction Industry

Constructlaw

Video conferences eliminate travel time and permit people to participate who would normally not be able to meet in person, due to distance or other commitments. It is easier to be successful in your claim if it is well-documented. Once over the initial “discomfort” with using virtual platforms such as Zoom, Skype, BlueJeans, etc.,

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International Arbitration Experts Discuss The Impact On The Global Economy

Constructlaw

Reynolds: The COVID-19 pandemic’s impact on the global economy has led to an increase in breach of contract claims, and a parallel rise in novel breach of con­tract defenses focused on excuses for non-performance. According to another, in the United States, there are pre­sently more than 1,250 pandemic insurance litigations.

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Indemnification Clause in Construction Contract was Expensive for Contractor

Construction Lawyer

The owner and the general contractor filed cross-claims against SJ for indemnification. There was an indemnification provision in the contractor/subcontractor agreement that read as follows: A. To the greatest extent permitted by law, [SJ] shall indemnify, defend, save and hold the Owner [281 Broadway].

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Top Five Surety Bond Misconceptions

Construction Law Monitor

There is a lot more involved in acquiring the appropriate permits, licensing and legal documents in order to be granted permission to start. Simply put, surety bonds are a three-party agreement, which consists of an obligee, principal and surety company. Surety bonds are another form of insurance.

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Tax Reform Impact on Employers and Employees

Revit OpEd

On December 15, 2017, Congressional Leaders announced that the conferees appointed by both the House and the Senate reached an agreement to reconcile differences between the House’s version of the Tax Cuts and Jobs Act (the “House Bill”) with the Senate’s version of the Tax Cuts and Jobs Act and unveiled the text of a final bill (the “Tax Bill”).