Contract Bond Forms – What to Look For and What Might be Missing
Recorded On: 11/27/2012
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Most performance and payment bonds are relatively simple one to two page documents. Many look alike. There are, however, subtle differences in wording that can make a tremendous difference in the principal’s and surety’s liability on a bond. This presentation addresses many questions, including the following: What triggers the surety’s obligations on a particular bond? What does the bond cover? When will suits on the bond be barred by limitations? Does the surety have an option to perform? Are the surety’s options limited?
Steve Nelson
Executive Vice President and General Counsel, SureTec Insurance Company and President, SureTec Information Systems
Steve Nelson is Executive Vice President and General Counsel, SureTec Insurance Company and President, SureTec Information Systems, Inc. in Austin, TX. He joined SureTec Insurance Company, a regional surety company, and SureTec Information Systems, Inc., a construction financial services and risk consulting company, in 2001 after six years as CEO of Faulkner Construction Company, a large construction firm headquartered in Austin, TX. At Faulkner, Mr. Nelson e was part of executive management and de facto general counsel for sister companies involved in real estate development and the mechanical, stone and tile, road and bridge, and concrete - pumping businesses.
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