Learn the key differences, costs, and strategic benefits of using surety bonds versus letters of credit and gain practical insights into when each option is most appropriate for ensuring performance and payment obligations.
Many construction projects, particularly public works projects, require the contractor to post a surety bond to guarantee the timely completion of the project and/or the timely payment of subcontractors and suppliers to the project. On some projects, particularly private works projects, the owner and/or contractor may find that it more appropriate and beneficial to have the contractor post a letter of credit guaranteed or backed by a bank or other financial institution to provide a financial guaranty for a contractor's performance of the project work and payment of the subcontractors and suppliers on the project. This program will describe the role of letters of credit and surety bonds. The difference between the two and the potential benefits and disadvantages of using either approach. This program will also provide a comparison of the likely cost of the use of surety bonds versus letters of credit. Finally, this program will discuss and identify projects and situations where providing a letter of credit might be more appropriate than posting a surety bond and vice versa.
Agenda
Faculty
Mark Johnson
Offit Kurman
- Principal Attorney at Offit Kurman
- Over 30 years of litigation experience in construction, environmental, and real estate law
- Lead counsel in over 30 jury trials, bench trials, and arbitrations
- Has Represented owners, contractors, and design professionals in the construction industry to include disputes over delays, defects, insurance, and licensing, Experienced in state/federal courts and public works arbitration
- Handles environmental cases involving CERCLA, Clean Air/Water Acts, CEQA, Prop 65, and more, Focus on contamination, toxic torts, due diligence, and regulatory defense
- Represents creditors in bankruptcy cases with environmental claims
- Frequent speaker and author on legal issues affecting the construction industry
- Education: Loyola Law School (J.D.), University of Southern California (B.S.) -Petroleum Engineering
Jeffrey Bright
Offit Kurman
- Principal Attorney in the Construction Practice Group at Offit Kurman
- Licensed in PA, MD, D.C., VA, and CA, with over 15 years of experience in construction law.
- Key Expertise: Construction contracts – redlining, negotiating, and advising on various project de-livery methods (design-bid-build, design-build, CM at risk, etc.), Project disputes and claims – including breach of contract, liens, bond claims, de-fects, delays, and scope disputes, and Litigation & dispute resolution – experienced in court, arbitration, mediation, and administrative hearings
- Education: Thomas Jefferson School of Law (J.D., summa cum laude), and Franklin & Marshall College (B.A.)
Adriana Valenzuela
SullivanCurtisMonroe Insurance Services
- Vice President and Bond Manager at SullivanCurtisMonroe Insurance Services (SCM)
- Brings over 30 years of industry experience to SCM
- Previous role: Managed the Surety Department for Alliant’s Western offices, focusing on team development and bonding solutions
- Holds insurance producer licenses in 18 states, enabling her to support clients with multi-state needs
- Serves clients in multiple industries, including Construction, Legal, and more
- Currently Co-President of Women in Surety – West Coast Division
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