Surety contracts play an important role in the construction industry, providing project owners with guarantees over performance, payment and other elements. The attorneys at Murphy Cordier Casale Axel PLC represent clients in establishing, enforcing and defending against surety bonds.
In the construction industry, surety bonds typically involve three parties: the project owner, the general contractor and the surety, which assures the project owner that the contractor will fulfill its contractual obligations.
Types of Surety
We are skilled at involving the following:
- Custodian and executor bonds
- Subdivision bonds
- License and permit bonds
- Mechanics’ lien discharge bonds
- Warehouse bonds
- Worker’s compensation bonds
- Indemnity agreements
We are skilled in handling the various aspects of contract-bond claims and litigation:
- Claims analysis and review, negotiations, and documentation preparation;
- Options analysis for damages mitigation, e.g., re-letting and contractor financing;
- Negotiation and drafting of security and takeover agreements, affirmative claims, and liquidating agreements; and
- Collection of contract balances and investigation claims of all types of surety bonds.