ISTOCK.COM/GORODENKOFF By Mike F. Pipkin and Jadyn Cleveland Changes related to the COVID-19 crisis and the construction and surety industries are still occurring; some data in this article may have changed from the time of article submission and the publication date. General contractors run into financial difficulties or outright fail for a myriad of reasons. Regardless of the explanation, a ...

Sureties must beware of potential liability for violations of the Program’s regulations.

Prequalification, experience, flexibility, and expertise are lost when obligees require on-demand bonds in lieu of traditional performance bonds.

The key to the decision is balancing the GC’s risk from subcontractor default with profit from the project.

Sureties should take steps to protect themselves and their principals from the pandemic’s economic shocks.

ISTOCK.COM/SIHASAKPRACHUM By James Miller and James WiedemannChanges related to the COVID-19 crisis and the construction and surety industries are still occurring; some data in this article may have changed from the time of article submission and the publication date. The day was Wednesday, March 11, 2020, as we sat with our audit team at a restaurant in Boston, Massachusetts. Across ...

ISTOCK.COM/OLIVIER LE MOAL By Brian Padove Changes related to the COVID-19 crisis and the construction and surety industries are still occurring; some data in this article may have changed from the time of article submission and the publication date. A good rule of thumb is generally always to be proactive rather than reactive. Whether it is “measuring twice and cutting ...

ISTOCK.COM/MARYANA SERDYNSKA By CharCretia V. Di Bartolo Changes related to the COVID-19 crisis and the construction and surety industries are still occurring; some data in this article may have changed from the time of article submission and the publication date. On June 30, 2020, the Rhode Island Superior Court issued a decision, Providence Builders, LLC v. Costa Brothers Masonry, Inc. ...

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