Goldleaf Surety to Host Construction Law Seminar

Goldleaf Surety Services will be hosting a Construction Law Seminar on Tuesday, March 13th.  This seminar will be held at the Country Springs Hotel in Waukesha, Wisconsin. This year’s key note speaker will be William E. McCardell.  Mr. McCardell is a partner in the law firm of DeWitt Ross & Stevens in Madison. He focuses his practice on two distinct areas of law (1) representing management interests in labor and employment law; (2) representing the construction industry in contract … [Read more...]

Goldleaf Surety to Host Construction Law Seminar

Goldleaf Surety Services will be hosting a Construction Law Seminar on Wednesday, February 28th.  This seminar will be held at Embassy Suites & Courtyard, 12520 Westport Parkway, La Vista, Nebraska. This year’s key note speaker will be Sean Minahan.  Sean is a partner in the law firm of Lamson Dugan and Murray, LLP in Omaha and a member of its Litigation Department.  Mr. Minahan has represented a broad range of clients in corporate litigation.  He has a specific interest in representing … [Read more...]

Software and Technology Bond Success Story

Large Commercial Surety Bonds generally include bonds needed in conjunction with service contracts such as transportation companies, janitorial companies, garbage collection companies, “non-sticks and bricks” construction contracts, as well as manufacturing and supply contracts and software and technology contracts. The underwriting considerations for this class of business are different from those for the contract bonds and have become more sophisticated and specialized over time. One … [Read more...]

Comparing Subcontractor Bonds to Subcontractor Default Insurance

Goldleaf Surety is often asked about the basic differences between subcontractor bonds and subcontractor default insurance (SDI).  As part of a contractor's risk management, it is important for your company to know and understand these basic differences.  To that end, we want to share with you the table below from Leaderboard Magazine. Issue Performance and Payment Bonds  Subcontractor Default Insurance Pre-qualification Process Conducted by the surety, a knowledgeable third party … [Read more...]

Protecting Yourself During a Construction Project

According to BusinessDictionary.com, risk management is defined as the identification, analysis, assessment, control, and avoidance, minimization, or elimination of unacceptable risks. An organization may use risk assumption, risk avoidance, risk retention, risk transfer, or any other strategy (or combination of strategies) in proper management of future events. Goldleaf Surety Account Specialists spend a good deal of time discussing risk management with our clients because successful … [Read more...]

Goldleaf Assists Fiber Optic Companies with Bonding

Over the last several months, Goldleaf Surety has assisted several fiber optic company's obtain the bonding support they needed.  Working with our surety partners, we were able to obtain bonds in situations where others had said no.  Each situation below had factors which Goldleaf Surety was able to understand and present to a surety so that they were comfortable with the risk. Assisted a private equity owned company which designs, installs and maintains private fiber networks for schools, … [Read more...]

Construction Liens and Lien Waivers

Risk management in the construction arena is critical to a company's continued success.  Risk management in construction assists contractors in planning, monitoring and controlling the various measures which are needed to prevent their exposure to risk. One risk management tool contractors have available to them is the Construction Lien, also known as a Mechanic's Lien.  A Construction Lien is defined by Investopedia  (investopedia.com) as "a claim made against a property by a contract or … [Read more...]

Goldleaf Surety Hosts Contractor Seminar

On Tuesday, January 19th, Goldleaf Surety Services and CliftonLarsonAllen hosted a Contractor's Seminar at the Wood Lake Meeting Center in Rochester, Minnesota. Keynote Speaker was Attorney Mark R. Becker.  Mark is a shareholder in the law firm of Fabyanske, Westra, Hart & Thomson in Minneapolis.  Mark's practice areas include construction; commercial litigation; public bidding and procurement; and arbitration and mediation.  He is a member of the American Bar Association, Forum on the … [Read more...]

Surety Bonds and Bank Letters of Credit Comparisons

By:  Jack Anderson, President This is the 3rd post in a series exploring surety bonds and bank letters of credit – what each is, their differences, and advantages and drawbacks to each. What is the expected cost of each instrument? For a surety bond, cost is generally 0.5% to 2% of the contract price.  A bond is project specific and covers the duration of the contract.  The cost of the bond is included in the contractor's bid price. For a bank LOC, the cost is generally 1% of the … [Read more...]

Troublesome Contract Clauses: Change in Terms

The final troublesome contract clause we will look at in this series is the Changes in the Work clause. A contract change occurs when an event or condition modifies the work as defined in the contract documents. Changes may include: Additions to or deletions from the work to be completed Changes in the materials specified Corrections in the specifications or drawings Acts or omissions of other contractors or trades Departures from the contract schedule Changes affecting the … [Read more...]