Learn the requirements for submitting claims and the benefits and drawbacks of requiring bonds on a particular project.
Many contractors do not know what their rights are related to payment and performance bonds. This topic will discuss the fundamentals of payment and performance bonds, highlighting the claims process as well as issues every contractor should be aware of. The information will give some insight into what happens after a performance or payment bond claim is filed. The material will include critical information for any contractor related to time and notice limitations and necessary steps to make sure that a bond claim is properly filed and can be enforced.
Learning Objectives
- You will be able to discuss what a payment and performance bond is.
- You will be able to review a bond to determine its scope and notification requirements.
- You will be able to identify the requirements for submitting claims and the benefits and drawbacks of requiring these bonds on a particular project.
- You will be able to explain how to submit a performance and payment bond claim.
Agenda
What Is a Performance Bond?
- When Is a Performance Bond Required? Who Is Required to Obtain a Performance Bond?
- What Is the Procedure Under a Performance Bond When There Is Default on a Project?
What Is the Scope of the Surety’s Obligations Under a Performance Bond?
- What Is a Payment Bond?
- When Is a Payment Bond Required? Who Is Required to Obtain a Payment Bond?
- What Is Covered Under a Payment Bond?
How to Submit a Payment Bond Claim
- What Notification Is Required?
- Who Can Submit a Payment Bond Claim?
- What Happens After a Payment Bond Claim Is Submitted?
- Enforcement of Payment Bond Claim
Benefits and Drawbacks of Payment and Performance Bonds
Speakers
Ms Danielle Cohen,
Tesser & Cohen- Associate at Tesser & Cohen
- Focuses her practice on construction litigation
- Has represented a diverse range of construction clients, including owners, general contractors, subcontractors, and material suppliers
- Involved in both prosecuting and defending claims on private and public projects in New Jersey and New York, including delay claims, construction lien, and mechanic’s lien foreclosure actions, defective work claims, bond claims, prompt payment act claims and trust fund issues
- Co-secretary, New Jersey State Bar Association, Construction Law Section
- Can be contacted at 201-343-1100, dcohen@tessercohen.com, or https://www.tessercohen.com/danielle-cohen.html
Mr Matthew Lakind,
Tesser & Cohen- Associate at Tesser & Cohen
- Practice focuses on construction litigation
- Representation includes project owners, general contractors, subcontractors, and suppliers
- Involved in various types of claims and defenses associated with construction litigation, including construction lien foreclosures, payment and performance bond claims, home improvement contract disputes, equitable adjustment claims, cardinal change disputes, delay claims, and disputes regarding workmanship
- Can be contacted at 201-343-1100, mlakind@tessercohen.com, or https://www.tessercohen.com/matthew-lakind.html
Who Should Attend
This live webinar is designed for construction and project managers, engineers, presidents, vice presidents, owners, architects, controllers, accountants, contract managers, and attorneys.
