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Surety Bonds and Illegal Waivers

Maintaining the tight-knit relationship between the surety bond industry and the construction industry is vital for the proliferation of public works projects. Contractors have a legal obligation to procure the necessary bonds to engage in these projects, but state and local officials aren’t always forthcoming about this mandatory requirement. And while the National Association of […]

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Performance Bond Options for Contractors with Bad Credit

Finding success as a contractor can be difficult when you have lackluster credit. While it’s not impossible to procure performance bonds for public jobs when you suffer from personal credit issues, your ability to procure smaller contracts (valued at $350,000 or less) could be greatly affected. As a contractor, your ability to acquire performance bonds […]

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Frequently Asked Questions About North Carolina Surety Bonds

A surety bond is a contract that binds three parties to ensure that financial and performance-related obligations are upheld and satisfied. Surety bonds are commonly used in the construction industry. Generally, the contractor is the principal, the owner is the obligee, and an insurance company is the surety. The obligee, oftentimes a government agency, requires […]

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Financial Statements and Performance Bonds

There are many types of bonds used in the construction industry. From bid bonds to payment bonds to maintenance bonds and supply bonds, bonds are found wherever public projects sprout up, and they help ensure that all parties meet their obligations to complete projects according to plan. One of the most important construction bonds is […]

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3 Types of North Carolina Construction Bonds

There are many types of construction bonds that are utilized by construction professionals in the Tar Heel State. Bonds are an effective legal tool designed to guarantee that projects reach completion with all parties meeting their obligations. Both owners and contractors can acquire a Raleigh construction bond, but the type of bond required will depend […]

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How Surety Bonds Guarantee Project Completion Part 2

Surety bonds can be employed to guarantee project completion and mitigate many of the risks that are so prevalent in this industry. In part one of this two-part series, a Raleigh contractor attorney at Cotney Construction Law discussed how surety bonds can benefit both owners and contractors. We will now go over the most common […]

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How Surety Bonds Guarantee Project Completion Part 1

Construction projects are a collection of components that all have to work in unison for a project to reach completion. When just one of these components fails to meet their responsibilities, it can put the whole project in jeopardy. This is where surety bonds come into play. In this two-part article, a Raleigh construction lawyer […]

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Bonds and Megaprojects Part 4

The larger a project is, the greater the chance of a dispute arising. As more and more parties are introduced to help bring a project to fruition, it quickly becomes apparent if an effective system is in place to ensure that all parties are accountable for the terms of their various contracts. For megaprojects, the […]

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Bonds and Megaprojects Part 3

In parts one and two of this four-part series, the Miami construction litigation attorneys at Cotney Construction Law discussed megaprojects, large-scale public and private construction projects valued in excess of $1 billion. As we’ve discussed, megaprojects are high risk, high reward projects for contractors, and only certain contractors will meet the criteria for engaging with […]

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Bonds and Megaprojects Part 2

Megaprojects present contractors with the unique opportunity to work on large-scale infrastructure and commercial projects that require all involved parties to collaborate for the sake of balancing risk and cost to create a successful end product. Unfortunately, there is a substantial risk of loss due to the cost implications of insurance products covering projects of […]

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