Construction bonds are vital tools in the construction industry. A construction bond is an instrument arising out of suretyship law. A project owner may require a contractor to obtain one or more types of construction bond to...more
What You Need to Know About the New Classes of Treasury-Authorized Reinsurers in Advance of the August 9, 2024 Implementation Date - As we reported in our June 24, 2024 Legal Briefing, the US Department of the Treasury...more
Following up on our first blog post about employee stock ownership plans (ESOPs) for construction companies, this post addresses surety bond requirements as well as the way in which ESOPs can incentivize employees and...more
Before issuing a bond, a surety will evaluate a company using the three c’s: (1) capital, (2) capacity, and (3) character. And while suretyship is not a field that changes often, a small shift towards relying more on...more
North Dakota has modified the surety bond requirements under the Money Brokers Act. Presently, the law requires a surety bond in an amount not less than $25,000. N.D. Cent. Code Section 13-04.1-04.01(1). Effective August 1,...more
The North Carolina Commissioner of Banks Office has begun receiving new and converted Electronic Surety Bonds (ESB) through NMLS for its mortgage broker, mortgage lender, and mortgage servicer licenses....more