Show navigation

Available in:

OnDemand Webinar
Audio & Reference Manual

Obtaining Surety Bonds for Construction Projects

Learn to better manage and understand construction risks and to use your skills and knowledge to avoid or minimize potential bond exposure.

Too commonly actors on a construction project (and their attorneys) do not understand how to go about choosing and the practical steps necessary to request construction bonds - nor do they understand the purposes, benefits, and consequences of bonding as a layer of risk coverage distinct from insurance. Likewise, construction bond principals often fail to appreciate the meaning of the indemnity agreements that come part and parcel with their bonds. This topic helps all persons involved in a construction project (owners, contractors, subcontractors, architects, and sureties alike) understand the bonding process and necessities: from before prequalification all the way through to when certain bond claims are made. Specifically, contractors large and small alike will gain a better understanding of the types of available bonds and bonding resources, typical bonding companies' evaluative criteria, key features of indemnity agreements, and common defenses to performance or payment issues they may come up against. This workshop is critical for all construction industry professionals seeking to better manage and understand construction risks and to use their skills and knowledge to avoid or minimize potential bond exposure.

Runtime: 87 minutes
Purchase Options

In Partnership With

More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Background Concepts

  • Construction Fundamentals: Project Types and Processes
  • The Parties: Obligees (Owners, General Contractors); Principals (General Contractors, Subcontractors, Suppliers); Sureties; and, Claimants (Subcontractors, Suppliers and Select Others)
  • Suretyship Fundamentals

Construction Bond Basics

  • Bonding and Insurance: Distinct but Synergistic
  • Typical Types of Construction Bonds
  • Statutory vs. Common Law Bonds
  • Standard Form Contracts: An Overview
  • Bonding Benefits and Alternatives: Why Bonds Over Self-Insurance or Letters of Credit?

Obtaining Construction Bonds

  • Before Prequalification: Selecting a Bond Agent and Bonding Company
  • Prequalification: Understanding the Bonding Company's Financial and Soft Evaluations
  • Bonding Resources for Small Contractors
  • What to Expect: Timeline, Pricing, Requirements, and Negotiations
  • Indemnification Agreements: Common Features of Indemnity Agreements and Cautionary Tales From the Courtroom

What Happens When a Claim Is Made Against a Contractor's Payment or Performance Bond?

  • Investigation and Inquiry
  • Guarding Rights and Managing Relationships
  • Common Surety Defenses
Purchase Options

In Partnership With

More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on January 11, 2017.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Purchase Options

In Partnership With

More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Elizabeth L. Gordon

Elizabeth L. Gordon

Shields | Mott LLP

  • Partner with Shields | Mott LLP in New Orleans, Louisiana
  • Practices construction/surety law and commercial litigation
  • Conducts regular seminars and workshops on numerous topics, including Federal and Louisiana construction law, lien law, construction defect insurance law, and surety and insurance law
  • Author of several publications related to the areas of construction and surety law
  • J.D. degree, Loyola University School of Law; B.S. and A.B. degrees, Tulane University
  • Membership of numerous organizations including: American Bar Association (Fidelity and Surety); Federal Bar Association; Surety Claims Institute and National Bond Claims Association
  • Can be contacted at 504-581-4445 or [email protected]
Purchase Options

In Partnership With

More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today
With This Course

Access to all training products for one year
$699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.

Product ID: 399695
Published 2017
Purchase Options

Available in Multiple Formats

Purchase this course and learn on your schedule!