Contract and Commercial Surety Bonds
Surety Bonds play an important role in the protection of public and private entities. Despite their widespread use, they are often misunderstood, except by those that work with them regularly. The attorneys in our practice have a solid understanding of the laws governing the rights and obligations of principals, sureties, indemnitors and obligees.
Contract Surety Bond Claims
A significant portion of Dickie McCamey’s Construction Law Group is devoted to handling complex surety and commercial bond matters involving both private and publicly-funded projects. Our attorneys are well qualified to represent principals, claimants, obligees, and indemnitors in a wide range of surety matters, including performance bond, payment bond and maintenance bond disputes.
Contract Surety Bonds protect public and private funds to ensure the completion of construction projects. Although these bonds are often issued by insurance companies, they are actually credit. Proper and effective legal services relating to Contract Surety Bonds require a lawyer with experience in construction, construction litigation, bond disputes, insurance disputes, contract interpretation, and contract litigation and bankruptcy.
At Dickie McCamey, our attorneys concentrate on finding practical and effective solutions to the myriad of problems that can arise during the course of a construction project, including the failure to perform work in accordance with the terms of contract and the failure to pay for work performed.
Commercial Bonds are used in a variety of circumstances including mechanic’s liens, probate, mortgage brokers, private education institutions that receive public funds, fiduciary bonds, and countless other circumstances.
Understanding the purpose of the bond, the interests to be protected, and the applicable statutes is crucial to an efficient resolution. Our lawyers have the unique experience to quickly analyze and set a strategy to an effective result.
Indemnity and Subrogation
As a credit relationship, the Surety expects to be reimbursed for its financial losses. Our lawyers understand the relationship and the manner in which the bonding company can achieve exoneration, quia timet, contractual and common law indemnification.
Because of the relationship, sureties obtain various rights that allow the Surety to seek reimbursement from its Principal and its indemnitors as well as other parties in the transaction.
We aim to resolve these matters early on in an effort to spare our clients the time and costs associated with litigation. However, when litigation cannot be avoided, our legal team has the knowledge and experience to aggressively protect our clients’ rights in court.