The surety bond industry is a quirky one. Should you already have bonds or foresee needing bonding in the future, it’s important to have good communication with your surety company. Poor communication can bring about avoidable lawsuits just like it did for a couple of condominium complexes in New York City.
Unfinished roads in the city of Murfreesboro, TN seem to be giving many residents some rage. Surety bonds were obtained to help get these roads finished in multiple subdivisions, but the city council is considering using taxpayer money to complete a job that is the housing developer’s responsibility.
There are a lot of businesses out there trying to cut corners in order to save money in this tough economy, but unfortunately this often hurts their clients as a result. A construction contractor in California claimed he had bonds to cover multi-million dollar jobs; but it turned out the contractor possessed surety bonds that read more »
The interest in green energy still seems to be at its peak. A large wind farm is in the works to be built in Illinois but once the wind farm has served its purpose, time and money must be used to remove it for the environments sake; a surety bond will ensure that this happens.
Legislatures in Texas have enacted a new law directly affecting the surety bond industry. When one looks at the changes included in the bill, it’s hard to see what it actually accomplishes; it raises the question of whether the legislators writing laws affecting the world of surety have adequate knowledge of the industry.