Description
Learn the requirements for submitting claims and the benefits and drawbacks of requiring bonds on a particular project.
Many contractors do not know what their rights are related to payment and performance bonds. This topic will discuss the fundamentals of payment and performance bonds, highlighting the claims process as well as issues every contractor should be aware of. The information will give some insight into what happens after a performance or payment bond claim is filed. The material will include critical information for any contractor related to time and notice limitations and necessary steps to make sure that a bond claim is properly filed and can be enforced.
Date: 2023-08-03 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to discuss what a payment and performance bond is.
* You will be able to review a bond to determine its scope and notification requirements.
* You will be able to identify the requirements for submitting claims and the benefits and drawbacks of requiring these bonds on a particular project.
* You will be able to explain how to submit a performance and payment bond claim.