Insurance & Performance Bond Issues
Morgan W. Streetman Co-Authored an authoritative paper for ForCon International Conference, A premier provider Surety & Fidelity Consulting, Forensic Engineering and Expert Witnesses.
THE NINETEENTH ANNUAL SOUTHERN SURETY AND FIDELITY CLAIMS CONFERENCE
THE FORTY-FIVE DAY RESPONSE PERIOD UNDER THE
AIA A312 PAYMENT BOND
Charleston, South Carolina
APRIL 10 & 11, 2008
This paper examines recent cases construing the AIA − A312 Payment Bond requirement that a surety “answer” a claim within 45 days of receipt. A copy of the AIA −A312vPayment Bond (1984) is annexed as Exhibit A. Essentially, an AIA −A312 Payment Bondprovides for the following series of bond claim events: (1) A Claimant gives notice to the Surety; (2) the Surety “answers”the Claimant within 45 days;(3) the Surety pays the Claimant any portion of the claim the Surety does not dispute. Read more from the original publication at
- Jeremy A. Medeiros
- Morgan W. Streetman
This paper examines the stat e of the law concerning whether a takeover Surety can limit its liability to the penal sum of its performance bond. This paper does not try to tackle the more complicated question of whether a Surety should takeover its principal’s work in any given situation. Instead, the authors assume that the Surety has already decided that taking over a project from a defaulted principal is in the Surety’s business interests.
Read more at ForCon.com- STREETMAN