Sureties Walk Fine Line Between Contractor Default and Claim Investigation
Default,Notice Requirements,Performance Bond,Sureties,Termination
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By: Robert J. MacPherson, Esq. Surety bonds are contracts and the rights and obligations of the parties will be determined in accordance with basic principles of contract law. The size of the claims and complexity of the project will not impact the result. That is proven by a recent court decision of the New York [...]
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What a difference 12 months make! In the late spring of 2000, the news was the continued profitability of the surety business with expectations that, as long as the construction economy continued to grow, conditions in the surety market would continue to be favorable for most contractors. By the fourth quarter of last year, the [...]
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