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Cooperative Surety Can Help Salvage a Defaulted Project
Picture this scenario: You are the owner/developer of an office building that is approximately 50% complete and you are operating under a tight time schedule to complete the project and deliver possession to several tenants. Your general contractor informs you that, due to economic distress, the last requisition funded by your lender was used to pay subcontractors on a different project. You also are informed that the general contractor plans to close its business and that several subcontractors are preparing to file liens. The project is grinding to a halt.
By working with the general contractor's payment and performance bonds surety, the project can be resurrected and placed on a sound path to completion. This article provides a helpful guide to the practical operation of payment and performance bonds in the context of an undisputed contractor default.
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Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.