Description
Learn the requirements for submitting claims and the benefits and drawbacks of requiring bonds on a particular project.Many contractors do not know what their rights are related to payment and performance bonds. This topic will discuss the fundamentals of payment and performance bonds, highlighting the claims process as well as issues every contractor should be aware of. The information will give some insight into what happens after a performance or payment bond claim is filed. The material will include critical information for any contractor related to time and notice limitations and necessary steps to make sure that a bond claim is properly filed and can be enforced.
Date: 2023-08-03 Start Time: End Time:
Learning Objectives
What Is a Performance Bond?
• When Is a Performance Bond Required? Who Is Required to Obtain a Performance Bond?
• What Is the Procedure Under a Performance Bond When There Is Default on a Project?
What Is the Scope of the Suretys Obligations Under a Performance Bond?
• What Is a Payment Bond?
• When Is a Payment Bond Required? Who Is Required to Obtain a Payment Bond?
• What Is Covered Under a Payment Bond?
How to Submit a Payment Bond Claim
• What Notification Is Required?
• Who Can Submit a Payment Bond Claim?
• What Happens After a Payment Bond Claim Is Submitted?
• Enforcement of Payment Bond Claim
Benefits and Drawbacks of Payment and Performance Bonds
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,ENG ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Danielle Cohen-Tesser & Cohen, Matthew Lakind – Tesser & Cohen
