Chapter 7 Contract Surety Bonds

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Chapter 7 Contract Surety Bonds

• BCN 4708 Fall 2008

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Contract Surety Bonds

• Surety bonds
• Dual Obligee Bonds
• Performance Bond
• Payment Bond
• Statutory
• Common-law Bonds
• Single vs double forms

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Contract Surety Bonds

• Miller Act
• WWW.fms.treas.gov/c570/c570.html
• Contract Changes
• Bond Premiums
• Surety
• Indemnity of surety

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Contract Surety Bonds

• Investigation by Surety
• Audit
• Review
• Compilation
• Bonding Capacity
• Surety Agent
• Default by the contractor

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Contract Bonds / Type of Contract

• Single Prime Fixed-price
• Multiple Prime Fixed
• Cost-Plus-Fee
• Joint Venture
• Construction Management
• Design-Contract
• Subcontractor Bonds
• Maintenance Bonds

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Contract Surety Bonds

• Contract Bond Alternatives
• Miscellaneous Surety Bonds
• To release retainage
• To discharge liens or claims
• To indemnify owner against liens
• Rented equip and leased property
• Fidelity Bonds
• Judicial Bonds
• License Bonds
• Termite Bond
• Subdivision Bond
• Self-Insurers Workers Comp Bond
• Union Wage Bond