Given, well, the state of everything, private owners should seriously consider requiring the contractor to secure a performance bond (a third-party surety guaranteeing the contractor’s performance under the contractor’s...more
As the competition for construction loan projects remains at unprecedented levels in much of the country, lenders are frequently being asked to waive, modify or re-visit their standard construction loan credit enhancement...more
In virtually all public projects (and in many private projects), the owner requires the general contractor to post a performance bond and a payment bond. Recently, in some cases, general contractors have obtained...more
Letter from the Editor - Welcome to the summer edition of our Under Construction newsletter. In this issue, we highlight several hot topic items affecting the construction industry such as what happens when the...more
Get the project information up front - You should ask your customer for the owner’s name and address, the location of the project, a copy of the payment bond (if any), and the general contractor’s name and address (if...more