Surety Bond Quarterly - Fall 2014 - (Page 10)

Practical Insights: What You Need to Know THE DEVIL IS IN THE DETAILS: Bond and Lien Notice Pitfalls "Did you send your statutory notices?" This question should be familiar to anyone involved in pursuing or defending against a bond or lien claim for nonpayment. Seasoned participants in the construction industry, from bond producers, to surety company personnel, to contractors at every tier, also know that it is just the beginning of the notice inquisition. By DANIEl M. CArrICo AVOIDING THE STRICT COMPLIANCE TRAP Prior to starting work, contractors, subcontractors, and suppliers should have a plan for (a) tracking the current statutory bond and lien requirements in all jurisdictions in which they work, and (b) making sure that they strictly follow the current requirements on every project. This plan should cover all pre-performance and pre-suit notice obligations, the requirements for preparing the bond claim and lien, and all deadlines for sending the notices, making the bond claim, and recording the lien. 10 surety BoNd Quarterly | FAll 2014

Table of Contents for the Digital Edition of Surety Bond Quarterly - Fall 2014

2014-2015 NASBP Executive Committee
NASBP Upcoming Meetings and Workshops
From the CEO: Successful construction relationships require the right relationship
Practical Insights: What you need to know - bond and lien notice pitfalls An invaluable resource
Advocacy update
Nov. 12-3 Conference addresses the twists and turns of best value selection - and other timely topics
Surety Bond Guarantee Program changes for the better
Front Line Underwriting: Choosing a quality construction CPA
Getting in the weeds: Requirements of marijuana surety bonds
Encrypting email
It’s Finally Here: The new revenue recognition standard
CPAs standing in the GAAP
Resource Directory
Index to Advertisers

Surety Bond Quarterly - Fall 2014