Published December 1993
by John Wiley & Sons Inc .
Written in English
|The Physical Object|
|Number of Pages||110|
Construction Insurance, Bonding, and Risk Management, McGraw-Hill, Don't let a construction lawsuit wipe you out. More and more construction contractors are getting sued these days. Make sure you protect yourself against costly litigation with Construction Insurance, Bonding and Risk Management edited by William J. Palmer, James Maloney, and John L. : Hardcover. The Basic Bond Book NASBP, in collaboration with the Associated General Contractors of America (AGC), present the new revised Second Edition of the industry standard, The Basic Bond Book. For over two decades this publication has served as an introduction to contract surety bonding to those entering the construction and surety industries. This book presents the complex field of suretyship for construction contracts by describing and analyzing each element of the surety bonding process in basic terms. Russell unravels the suretyship puzzle through numerous examples and extended case . Most surety companies distrib-ute surety bonds through the independent agency system. When a con-tractor or subcontractor needs a bond, the first step is to contact a surety bond pro-ducer, also known as an agent or broker. The producer generally receives power of attorney, i.e. the producer can sign bonds on behalf of the surety company for proj-File Size: 67KB.
Surety Bonding in Today’s Construction Market: Changing Times for Contractors, Bankers, and Sureties A Risk Transfer Mechanism with a Long History T he first known account of contract suretyship was etched on a Mesopotamian clay tablet around B.C.A farmer contracted with another farmer to tend his fields and split the proceeds equally.A. construction industry. Industry knowledge edge With years of experience and dedication to the surety business, our specialized construction underwriters have a deep knowledge of the industry and an ability to provide flexible, innovative solutions your . Commercial Surety Bond Agency (CSBA) has been providing bonds to contractors since We are one of the largest surety only agents in California with over years combined experience both as surety underwriters and agents, and we work with over construction companies ranging in size from one-man startups to large national firms. History. Performance bonds have been around since 2, BC. The Romans developed laws of surety around AD, the principles of which still exist. Overview. A job requiring a payment and performance bond will usually require a bid bond, to bid the job. When the job is awarded to the winning bid, a payment and performance bond will then be required as a security to the job .
construction surety bonding The qualification process in the construction bond business is very complicated, labor-intensive, and time-consuming. Many subjective judgments are required, and underwriting evaluations are bound to be difficult and ambiguous, with potentially great losses. The methodology provides a systematic information analysis for the heuristic knowledge of the construction surety bonds underwriting process, provides better control over the risk assessment process by providing independent judgments for the major decision factors and an overall judgment for the final contractor's risk assessment decision, and. construction bond principles followed by a brief description of the basic bond types. Each type is then covered separately with an explanation of its function and advice on its use. II. CONSTRUCTION BOND BASICS A. What Bonds Are and Are Not A construction bond is a written agreement in which one party (the surety) guarantees that aFile Size: KB. The one complete book on surety bonding for development contracts, "Surety Bonds for Construction Contracts" explains the small print of suretyship in addition to: how surety bonds perform; how a contractor can safe bonding; who the important thing gamers are within the surety relationship and the way they work together; learn how to correctly.