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What’s the Difference Between Bonds and Insurance? Part 2

The first part of this article went over the application process and parties involved in bonds and insurance. A Raleigh contractor lawyer explains the difference between bonds and insurance when claims are involved in this part. Handling Claims Insurance and bonds handle claims very differently. Put simply, insurance companies expect to pay claims and bond […]

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What’s the Difference Between Bonds and Insurance? Part 1

Risk is abundant in the construction industry. Risks can be associated with building, installation, or money. Insurance and bonds offer different kinds of risk protection in exchange for the general contractor’s payment. While bonds and insurance reduce risks for contractors and owners, bonds are generally meant to protect clients. Clients are attracted to a contractor […]

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Secured Loans with Bonds, Notes, and Mortgages Part 2

As a contractor, the scope of your operations is dictated by the owner’s ability to secure funding for a construction project. Without secured loans, it would be impossible to complete projects and you certainly wouldn’t be paid. Therefore, it’s important that you possess a fundamental understanding of how these agreements are handled. In part one, […]

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Secured Loans with Bonds, Notes, and Mortgages Part 1

Financing for construction projects is a common point of contention because in most cases, financing is borrowed and repaid after the completion of a construction project. Understandably, when a lender gives money to an owner, they want to be absolutely certain that they will be reimbursed. Secured lending occurs when a contract is established between […]

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A Guide to Miller Bond Claims

Lien laws can be tremendous allies when it comes to protecting a construction professional’s right to receive payment for services rendered. Unfortunately, public construction projects present a different set of circumstances and different methods for collecting payment. If you are not familiar with The Miller Act, it’s a payment remedy that contractors and suppliers can […]

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How to Make a Florida Payment Bond Claim Part 2

There are numerous ways to make a Florida payment bond claim depending on your role and relationship to the project contractor. If you aren’t getting paid for your services, you deserve compensation, but in many cases taking legal action isn’t the fastest way to collect what you are owed. In part one of this two-part […]

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How to Make a Florida Payment Bond Claim Part 1

Enforcing payment when providing labor, materials, or services can be a tricky situation. Whether your role is as a subcontractor, material supplier, professional or laborer, you want to be paid in a timely manner for your services, but you don’t want to lock yourself into a long-term legal battle with a project contractor. If you […]

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Miller Act Bond Principals Intervening in Lawsuits

It is not uncommon in any bond lawsuit for a subcontractor, sub-subcontractor, or suppler to sue the relative surety and leave out the prime contractor/ principal on the bond.  However, it is important to keep in mind that prime contractors also may, on occasion, move to intervene in bond lawsuits as the principal of the […]

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