Surety and bonding requirements and consequences undoubtedly create some of the greatest business and legal liability for North Carolina contractors – and disputes relating to the bonding process certainly create plenty of work for specialist construction lawyers.
These two articles contributed by Brett Becker (Nexsen Pruet) and Luke Farley (Conner Gwyn Schenck PLLC) address some important but perhaps misunderstood risks and issues. We’ll continue to cover surety challenges in future issues.
Are public payment bond rights assignable under North Carolina law? Maybe.
The General Agreement of Indemnity (GAI): A surety’s best friend, a contractor’s worst enemy