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Chapter 7 Contract Surety Bonds

Chapter 7 Contract Surety Bonds. BCN 4708 Fall 2008. Contract Surety Bonds. Surety bonds Dual Obligee Bonds Performance Bond Payment Bond Statutory Common-law Bonds Single vs double forms. Contract Surety Bonds. Miller Act WWW.fms.treas.gov/c570/c570.html Contract Changes

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Chapter 7 Contract Surety Bonds

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  1. Chapter 7 Contract Surety Bonds BCN 4708 Fall 2008

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

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

  4. Contract Surety Bonds • Investigation by Surety • Audit • Review • Compilation • Bonding Capacity • Surety Agent • Default by the contractor

  5. 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

  6. 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

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