Surety Bonds and Contract Provisions

• Overview
• Agenda
• Faculty
• Credits

While there are many general rules of suretyship, a performance bond is a tri-partite agreement among owner (oblige), contractor (principal) and surety (obligor). The surety acts as the guarantor of the contractor's performance. The rights, duties and obligations of the parties will be determined by the rules of contract interpretation. Key areas of potential dispute focus on the surety's potential exposure to extra contractual damages.

The payment bond is for the benefit of those furnishing labor and materials to a construction project. Hence, laborers and/or materialmen are the oblige(s) of a payment bond.

Learning Objectives

• You will be able to review surety rights, obligations and defenses.
• You will be able to explain performance options.
• You will be able to define specific contract provisions.
• You will be able to discuss performance and payment bonds.

Faculty

Barbara G. Werther, Howrey LLP

Registration

To register for this live audio conference please dial 1-866-411-6211.