Paid when paid contracts/subcontractor contracts/Neill Bonding & Insurance/GA, LA, FL, AL, MS, MO, KY, AR, SC/Contruction Contracts

When it comes to contracts, knowledge is power.  The contract documents, which include the plans, project manual ( include the general conditions, supplemental conditions, technical specifications, etc) and the contract, not only define the scope of work but they also provide a set of rules and procedures that all parties are to follow.  This includes […]

Construction Contracts/Construction Project Contracts/GA, KY, LA, FL, MO, AL, TN, SC, AR, MS/Neill Bonding & Insurance/Contract Surety Bonds

When it comes to contracts, knowledge is power.  The contract documents, which include the plans, project manual ( include the general conditions, supplemental conditions, technical specifications, etc) and the contract, not only define the scope of work but they also provide a set of rules and procedures that all parties are to follow.  […]

Construction Contract Change Orders/Contract Surety Bonds/Bonding/Bonds/Neill Bonding & Insurance/MO, FL, GA, AL, AR, TN, SC, MS, NE, KS, LA, KY

Is there an additional cost to onstruction contract change orders?  Remember, the bond tracks the contract.  If the contract amount increases then so does the bond amount.  With that said, if there is a change order associated with a bonded project then an additional premium charge can be expected.  If the change orders are not […]

Pay When Paid/Pay if Paid/Construction/KY, LA, KS, NE, MS, SC, TN, AR, AL, GA, FL, MO/Bonding/Bonds/Neill Bonding & Insurance

“Pay When Paid”

—Suspends the general contractor’s obligation to pay the subcontractor for a reasonable time while the general contractor attempts to collect payment from the owner.“Pay If Paid”

—Establish the payment by the owner to the general contractor as a condition precedent to the general contractor’s obligation to pay the […]

Construction Contracts/Contract Surety Bonds/Neill Bonding & Insurance/Bonding/Bonds/Key Contract Terms

Four key items to look for in a Construction Contract. 

1.  WARRANTY:  Preferably a one year warranty, which is standard.  Make sure the warranty does not extend beyond two years.  Only a standartd level of maintenance and not a higher stander.  No “efficiency guarantees” taht state the compelted project will functuion up to specific […]

Liquidated Damages/Contract Surety Bonds/MS, AL, FL, GA,KY, LA,NE, SC, TN, AR, GA, MO/ Neill Bonding & Insurance/Bonding/Bonds/Construction

What are Liquidated Damages? 

A liquidated damages provision is an agreement by the parties on the dollar amount of damages caused by a default, specifically an inexcusable delay that extends the completion of the contract beyond the completion date. Usually, the liquidated damages are expressed in terms of a fixed dollar amount of damages […]