Chapter 7 Contract Surety Bonds BCN 4708 Fall 2008.

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Chapter 7 Contract Chapter 7 Contract Surety Bonds Surety Bonds BCN 4708 Fall 2008 BCN 4708 Fall 2008

Transcript of Chapter 7 Contract Surety Bonds BCN 4708 Fall 2008.

Page 1: Chapter 7 Contract Surety Bonds BCN 4708 Fall 2008.

Chapter 7 Contract Surety Chapter 7 Contract Surety BondsBonds

BCN 4708 Fall 2008BCN 4708 Fall 2008

Page 2: Chapter 7 Contract Surety Bonds BCN 4708 Fall 2008.

Contract Surety BondsContract Surety Bonds

Surety bondsSurety bondsDual Obligee BondsDual Obligee BondsPerformance BondPerformance BondPayment BondPayment Bond

StatutoryStatutoryCommon-law BondsCommon-law Bonds

Single vs double formsSingle vs double forms

Page 3: Chapter 7 Contract Surety Bonds BCN 4708 Fall 2008.

Contract Surety BondsContract Surety Bonds

Miller ActMiller ActWWW.fms.treas.gov/c570/c570.html Contract Changes Bond PremiumsSurety Indemnity of surety

Page 4: Chapter 7 Contract Surety Bonds BCN 4708 Fall 2008.

Contract Surety BondsContract Surety Bonds

Investigation by SuretyAuditReviewCompilation

Bonding CapacitySurety Agent Default by the contractor

Page 5: Chapter 7 Contract Surety Bonds BCN 4708 Fall 2008.

Contract Bonds / Type of ContractContract Bonds / Type of Contract

Single Prime Fixed-price Multiple Prime Fixed Cost-Plus-FeeJoint VentureConstruction ManagementDesign-ContractSubcontractor BondsMaintenance Bonds

Page 6: Chapter 7 Contract Surety Bonds BCN 4708 Fall 2008.

Contract Surety BondsContract 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