Construction bonds can help to control risk with your project.
The two most common bonds one will encounter in construction are payment and performance bonds. Bonds are essentially a form of suretyship. While suretyship is distinguishable from insurance, it is a contractual relationship, in the form of a bond, whereby one person agrees to answer for the debt, default or other failure to perform an obligation of another. In the construction context, the suretyship relationship usually consists of a contractor as the principal, the owner of the project as the obligee, and the entity issuing the bond (typically, an insurance company) acting as the surety on behalf of the principal. But the identities of the parties may vary.
Michael Jay Rune, II
Carlton Fields, P.A.
- Shareholder with Carlton Fields, P.A.
- More than 20 years of experience representing owner/developers, construction managers/contractors, sureties, subcontractors, and suppliers in nearly all aspects of the construction industry and in large-scale commercial construction projects
- Has handled construction, surety, fidelity, and related insurance matters as well as mortgage fraud recovery through mediation, arbitration, and litigation in state and federal courts
- Known for his hard-hat approach to construction, spending time at construction sites and working with project managers and construction workers to gain firsthand knowledge of the construction industry and what goes on in the field
- Has a keen understanding of construction law and the construction process, including the planning, execution, and completion of a construction project, as well as the technical nature of construction-related claims
- Published author and frequently speaks on issues important to the construction and fidelity industries
- Recognized by Lorman Education Services for his above-benchmark customer course ratings and received the 2017 Platinum Distinguished Faculty Badge
- Author of the International Association of Defense Counsel’s ‘Annual Survey of Fidelity and Surety Law’ from 1997–2004, and co-author of ‘Liability and Performance Bond Surety’ in The Law of Performance Bonds (ABA 1999)
- Board certified in Construction Law by The Florida Bar
Shutts & Bowen LLP
- Attorney in the Orlando office of Shutts & Bowen LLP
- Practices commercial litigation, with a heavy emphasis on construction and design defects; additional experience includes construction contract drafting and negotiations, international and multi-national business transactions
- Nonlegal experience includes construction financing, construction materials sales, and construction laborer and foreman throughout high school and college
- J.D. degree, cum laude, University of Florida Levin College of Law; B.A. degree, magna cum laude, Rollins College
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