From our previous alerts, which can be found here and here, we know that bonds and guarantees are complex instruments, the consequences of which depend not on what they are called, but their terms, the...more
In a recent decision issued by the United States Court of Federal Claims, Anthem Builders, Inc. v. United States, April 6, 2015, WL 1546437, the Court considered a protest involving the proposed use of an individual surety...more
Homeowner, David Belasco (“Belasco”)  bought a newly constructed Manhattan Beach residence in 2004 from the builder defendant Gary Loren Wells (“Wells”). In 2006, Belasco filed a complaint against Wells with the...more
New Bern Riverfront Dev., LLC v Weaver Cooke Constr., LLC (In re New Bern Riverfront Dev. LLC), 521 B.R. 718 (Bankr. E.D.N.C. 2014) – The debtor made claims against a surety that issued a performance bond in connection with a...more
FLORIDA STATE CASES -
Slavin Doctrine; Design Contracts - Under the Slavin doctrine, a subcontractor design company was not liable despite negligently designing intersection traffic lights that resulted in a fatal car...more
Our reports on the oral arguments from the May term of the Illinois Supreme Court continue with Lake County Grading Company, LLC v. The Village of Antioch. Lake County – which comes to the Court from the Second District –...more
Federally owned construction projects are covered by a Miller Act Payment Bond for the benefit of the subcontractors and suppliers thereof. If you make a claim for payment under the Miller Act, you may, under certain...more
Chapter 3503 of the Texas Insurance Code (the Insurance Code) governs the obligations of sureties in handling of claims under construction payment bonds. Recently, the Texas Department of Insurance (TDI) communicated its...more
The Securities and Exchange Commission (“SEC” or “Commission”) recently approved amendments to its net capital, customer protection, books and records, notification and reporting requirements for broker-dealers, in an effort...more
Amendments impact many aspects of broker-dealers' back-office operations and will require changes to a number of existing practices.
On July 30, the Securities and Exchange Commission (SEC) adopted amendments to the...more
The following guest post is from Sara Aisenberg, Director of Educational Outreach at SuretyBonds.com, a nationwide surety bond producer that helps contractors fulfill their bonding requirements....more
In a unanimous July 16th decision, the New York Appellate Division held that MF Global, Inc.’s loss sustained on account of the commodities trading activities of its employee was a “direct financial loss” under MF Global’s...more
Table of Contents:
Introduction; PART ONE - Summary of Fair Claims Settlement Practices Regulations; Introduction; Claims Handling Duties; Acceptance or Rejection of Claims; Settlement Offers and Payment of Accepted...more
Originally published in Bank News, February 2013.
Mary, your trusted employee, has embezzled money from your bank. Or, Bryan, a long-time customer, has used a deposit account at your bank to defraud his employer (and...more
This article discusses the issues an owner, lender, completion contractor, and surety should consider when drafting a takeover agreement. Although each of these four main parties may share the basic goal of seeing the project...more
Originally published in Florida Bar Journal on February 13, 2013.
A contingent payment clause in a subcontract is the clause that provides that the subcontractor assumes the risk of owner nonpayment. Such clauses are...more
The National Defense Authorization Act of 2013 (“NDAA”), which the President signed into law on January 3, 2013, includes significant reforms to the rules for contracting with small businesses....more
The Observer highlights significant developments in insurance recovery and risk management.
In This Issue:
- State of California v. Continental Insurance: Opinion Holds Insurers to Their Words
In a ruling that might provide a new path to data breach insurance coverage, DSW Shoe Warehouse, Inc. has prevailed in its attempt to obtain insurance coverage for losses associated with a data breach under a commercial crime...more
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