Posted on: 10 December 2020
As a construction company owner, you want to be able to trust the contractors that you hire for the project. However, your trust in them may only be as good as the bonding and licensing that they bring with them. You need to guarantee these credentials before you hire them to work on your job site.
To ensure that contractors and the companies that they work for are accredited, you need to retain an attorney to represent you and your business. Your construction surety lawyer can protect the integrity of your project and make sure that the required individuals have surety bonds to work or contract for you.
Advising on Surety Issues
The surety laws by which you must abide can differ according to each state. In fact, the laws in one state can be entirely different than the laws found in another state.
Rather than research these surety laws yourself, you can hire a construction surety lawyer to advise you. Your attorney will know what the laws are in the state where you are working. They will advise you on what kinds of credentials that the workers need to have and offer input on how much each worker's surety bond should be issued.
Advising on Indemnity Agreements
Your construction surety lawyer can also provide input on any indemnity agreements that you intend to use with contracting services. You may use contracts to secure contracting services for your projects. The businesses that you contract with need to know what you expect of them and what risks they take on when they agree to work on your project.
Your attorney can advise you on how to word these agreements and what risks to ask compensation for if necessary. He or she can ensure that the agreement falls in line with surety laws in the state where you are working.
Finally, your construction surety lawyer can advise you on how to mitigate losses if a contracting service fails to or cannot uphold its contract with you. You can decide how to avoid these losses if possible. You can also learn how to compensate for them or write them off when necessary.
Your construction surety lawyer can advise you on a number of critical project factors. He or she can tell you what kinds of surety bonds are needed. Your lawyer can also oversee indemnity agreements and help you mitigate losses.Share