Sedgwick LLP Los Angeles partner Marilyn Klinger's article,
"The Basics of Bonding: Part 1 — Guiding
Principles to Help Navigate Construction Surety" was
published in the June 13, 2017, issue of Construction
Business Owner magazine.
In the article, which is the first of two parts on the subject,
Klinger navigates the world of surety bonds and discusses how they
"protect owners, taxpayers, subcontractors and suppliers from
risk during the construction phase of a project." Elements
discussed include the differences between an insurance policy and a
surety bond, types of construction bonds and how the rigorous
surety underwriting process can reveal potential problems with
contractors.
Klinger states that "surety bonds are the only form of
financial security related to construction project performance and
payment that provides 100-percent coverage up to the maximum amount
on the bond."
Klinger serves as the firmwide chair of Sedgwick's Commercial
Division and is the chair emeritus of Sedgwick's Construction
Practices Group. Klinger's practice involves all aspects of
construction law and represents the full spectrum of the
construction industry, from owners, contractors, subcontractors and
sureties.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
