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Construction Bonds - Performance, Payment and Other Miscellaneous Bonds

 

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.

Agenda

Faculty

Michael Jay Rune, II

Michael Jay Rune, II

Carlton Fields, P.A.

  • Shareholder in the Miami office of Carlton Fields, P.A.
  • Practice emphasizes construction, surety, and insurance law and related litigation since 1997
  • Lectures on issues important to the construction industry; and co-author of Liability and Performance Bond Surety in The Law of Performance Bonds (ABA 1999)
  • Can be contacted at 305-539-7231 or [email protected]
Michael Kelley

Michael Kelley

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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