Surety Claims

Surety bonds are required of most contractors and subcontractors.  Surety bonds in the construction industry are typically performance or payment bonds.  The sureties pursuant to a written contract undertake an obligation to pay a sum of money on behalf of the insured (payment bond) or to step in and complete a job (performance bond) in the event the contractor or subcontractor is unable to.  The surety contracts are specific as to notice provisions It is important for an insured, contractors and subcontractors to be keenly aware of and adhere to the notice provisions and understand the ramification of trigger events in the construction cycle.

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