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Surety Bonds for Construction Contracts

Surety Bonds for Construction Contracts

Surety Bonds for Construction Contracts

Jeffrey S. Russell, Ph.D., P.E.

ASCE Press

2000 / 416 pp.



 
Soft Cover - In Stock
$54.00 List / $40.50ASCE Member
Stock No. 40426 / ISBN: 9780784404263
 
E-book (PDF) - Available for Download in ASCE Library
$54.00 List / $40.50ASCE Member
Stock No. 47043 / ISBN: 9780784470435


Description

This book presents the complex field of suretyship for construction contracts by describing and analyzing each element of the surety bonding process in basic terms. Russell unravels the suretyship puzzle through numerous examples and extended case studies drawn from real-world experience. Sample bond forms and surety documents, as well as an extensive glossary of key terms, serve to further illustrate each step of the bonding process.

As the only comprehensive treatment of surety bonding for construction contracts, this book explains the details of suretyship as well as these topics:

  • How surety bonds function,
  • How a contractor can secure bonding,
  • Who the key players are in the surety relationship and how they interact,
  • How to properly structure key documents,
  • What a contractor should look for in a surety and in an independent surety agent,
  • Why the private owner should consider surety bonding to guarantee projects,
  • How surety bond claims are handled, and
  • The steps a surety company may take when contractor default occurs.

In addition to exploring the many facets of the bonding relationship, this book describes many subtleties of this endeavor, including the surety's role in prequalifying contractors and why an owner might consider requiring or waiving surety bonds; opportunities to benefit from the financial analysis of the underwriter; and alternatives to surety products for contractors who may have experienced difficulties acquiring bonding. This book also covers such issues as international guaranty, reinsurance, surety and design-build, and emerging surety market trends. 

This book will be useful to contractors, owners, design professionals, construction accountants and attorneys, and other construction industry personnel.

About the Author
Jeffrey S. Russell, Ph.E., P.E., is professor and chair of the Department of Civil Engineering, University of Wisconsin–Madison. He is the author of Constructor Prequalification: Choosing the Best Constructor and Avoiding Constructor Failure (ASCE Press, 1996) and editor of Perspectives in Civil Engineering: Commemorating the 150th Anniversary of the American Society of Civil Engineers (ASCE, 2003).

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