Many construction contracts today require that surety bonds be provided to protect various parties to the contract. Most construction professionals are familiar with the process of obtaining surety bonds, but they may not be aware of the legal relationships that bonds establish among the principal (the contractor), the obligee (usually the owner) and the surety, and the liabilities that exist as a result.
A surety bond is not an insurance policy. A surety bond is a guarantee, in which the surety guarantees that the contractor, called the “principal” in the bond, will perform the “obligation” stated in the bond. For example, the “obligation” in a performance bond is that the principal will complete the project; and the “obligation” in a payment bond is that the principal will properly pay subcontractors and suppliers.
Surety bonds can contractually affect multiple parties involved in the project. This CD will review the rights, duties and obligations of the parties as determined by the rules of contract interpretation and applicable precedents. View this 90-minute recording and you will learn how to:
Review surety rights, duties, obligations and defenses
Examine performance options
Define specific contract provisions and understand what is recoverable
Discuss performance and payment bonds
And much, much more!
Who Will Benefit?
This webinar is a must if you’re a public or private owner, construction manager, contractor, subcontractor, architect, engineer, or consultant.
Your Presenter:
 | Barbara G. Werther, Principal
Ober | Kaler
Barbara has more than 30 years of experience in construction and government contracts law. She has represented both contractors and owners in disputes regarding substantial claims for delays, acceleration, inefficiencies, default terminations and construction catastrophes, both in the private sector and on public projects. She has also represented both sureties and contractors in performance and payment bond disputes, and has represented government contractors in False Claims Act cases. Barbara has handled construction claims for contractors in federal and state courts. She has litigated numerous claims for equitable adjustment, as well as bid protests and claims at the Boards of Contract Appeals and the Court of Federal Claims.
For complete bio, click here. |
