SB1289, enacted on April 28, 2008 and made effective October 10, 2008, created flood protection districts and a Board of Directors for each district to construct flood protection facilities. The new law states that performance and payment bonds are required for any construction, and clarifies the process for claims against the performance and payment bonds. The surety has 60 days to act upon a contractor found to be in default by the board or the board may re-let the contract. If the costs to complete the project surpass the finances available for payment, the defaulting contractor’s surety has 20 days after mailing of the notice to satisfy the board’s demand for payment of the difference. This demand cannot be more then the penal sum of the bond, and monies must be used to pay for the costs of completing the work. Delivery of writ may be served on the Surety’s principal office or it’s Attorney-In-Fact. If there is no office or Attorney-In-Fact, it may be service on the insurance commissioner.
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Arizona Flood Protection Facility Performance Bond
September 1, 2009 by Tracy KonopkaCategory: Contract Bonds, Performance Bonds, Surety NewsTags: arizona, az, bond requirements, flood protection, legislation, performance bond, surety bond | Comments (0)
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Virginia Publisher’s School Textbook Bond Requirement Abolished
August 31, 2009 by Eric Weisbrot
On 03/07/2008, the state of Virginia enacted HB 137/HB 354/SB 356. The new laws eliminated the mandatory surety bond that the Board of Education required regarding contracts with publishers of school textbooks. The bond could not be less than $1,000 and not above $20,000. The required bond was conditioned upon the publisher’s compliance of the terms & conditions of the contract and payment of any liquidated damages that are shown to be a direct result of contract violation. Category: Commercial Bonds, Surety NewsTags: bond requirements, legislation, publisher bond, school textbook bond, surety bond, va, virginia | Comments (0)
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West Virginia Discount Medical Provider Bond
August 30, 2009 by Eric Weisbrot
West Virginia has a new enactment for medical discount providers referred to as HB 4404. The law requires a surety bond equal to or more than $35,000 to be posted by discount medical establishments. The bond attained by the discount medical organizations must be in favor of the Insurance Commissioner for the advantage of individuals that may be damaged by the organization’s breach of the new law; it is mandatory that the insurance company who wrote the bond is licensed in the state.Category: Commercial Bonds, Surety NewsTags: discount medical provider, medical, medical provider, medical provider bond, west virginia, wv | Comments (0)
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JW_Surety_Bonds Twitter Weekly Updates for 2009-08-30
by Michael Weisbrot- Did Michael Vick persuade Virginia law makers to expand legislation on surety bond requirements for dog fighting? http://tinyurl.com/mavttz #
- " Surety Bonds May Prove Too Costly for Houston Light Rail Project": Metro President Frank Wilson said the trans.. http://bit.ly/iz4Vl #
- Go green and help Bryan of Surety Insider with his grass roots movement for nuclear energy. Contact your rep now! http://tinyurl.com/ljesvp #
- "Bankruptcy for former Drumore secretary convicted of stealing $300K": "Even though the surety bond company paid.. http://bit.ly/19wKz1 #
- Fired for dishonesty in 2003 – Bondability: I was fired from a bank in early 2003 due to a dishonest act. No cri.. http://bit.ly/fFbCf #
Category: OtherTags: tweets, twitter | Comments (0)
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Virginia Cruel Pet Treatment Bond Amendment
August 29, 2009 by Eric WeisbrotVirginia state law revised the current bond amount required for owners that have had their animals confiscated because of cruel treatment or abandonment. The new law is named HB 999, which says that if the locality has not approved an ordinance, the court may order the owner of the animal to post a surety bond if the animal is held for more than 30 days. The bond must be equivalent to the value of boarding the animal for a period of time that many not surpass nine months. The new law provides that the bond will not be renounced if the owner is found to be not guilty of violating the law. Category: Commercial Bonds, Surety NewsTags: bond requirements, cruel animal treatment, legislation, pet, pet abandonment, surety bond, va, virginia | Comments (0)
