Construction Payment Bond Fundamentals

• Overview
• Agenda
• Faculty
• Credits

Benefits

In a tight economy, more situations arise where someone in the line of project contracts, from the prime contractor down to a second- or lower-tier subcontractor, fails to pay their bills or even goes out of business. Those who are unpaid must seek alternative means to ensure payment. And those who are higher on the project chain must take steps to assure the flow of funds all the way down the line. This teleconference will help you understand the normal parameters and terms of payment bonds. Practical tips associated with either pursuing or responding to payment bond claims will be provided. A lack of understanding as to how payment bonds work and what they are intended (or not intended) to cover may lead to lost opportunity or financial losses. This teleconference is critical for management and operations personnel who want to protect their companies against unnecessary losses due to somebody else's financial woes.

Learning Objectives

• You will be able to review typical projects involving payment bonds.
• You will be able to discuss what items may be covered by the bond.
• You will be able to describe project administration for the bond principal.
• You will be able to explain giving timely notice.