Lewis & Roberts’ roots in the field of surety law run deep, particularly in the area of contract surety. Since the firm’s founding in 1997, our attorneys have helped bonding companies of all shapes and sizes mitigate financial loss arising from contractor defaults on federal, state, local and private North Carolina construction projects.
Payment and performance bonds.
We are well-versed in the wide range of contractual and equitable remedies available to compensated sureties upon a principal’s default, so that when a claim on a payment or performance bond is made, we stand ready to assist our clients in immediately preserving and protecting their rights, carefully weighing claim resolution options, vigorously pursuing salvage and providing zealous advocacy whenever litigation is required.
We have handled payment and performance bond claims involving the AIA-A312 bond form, variations of the AIA-A311 bond form and the statutory form set forth in North Carolina’s Model Payment and Performance Bond statutes. We have drafted and negotiated takeover agreements, tender agreements and completion contracts. Additionally, we have enforced the broad powers afforded surety companies under standard indemnity agreements, including without limitation, the right to be collateralized, to be indemnified, to an assignment of the defaulted principal’s interest in bonded and unbonded contracts, to settle the principal’s affirmative claims and to access the principal’s books and records.
Our surety lawyers are known throughout North Carolina and nationally for the depth of their knowledge and experience in surety law. For many years, the Construction Law Section of the North Carolina Bar Association has turned to our attorneys to author the surety law chapter of the North Carolina Construction Law Deskbook, the Sixth Edition of which was published in September 2013. Additionally, our attorneys authored the North Carolina chapter of The Surety Underwriter’s Desk Book, published by the Fidelity and Surety Law Committee of the ABA Tort Trial & Insurance Section in January 2013, and we continue to keep that chapter up-to-date annually.
Our surety law professionals are actively involved in various surety industry groups and associations, including the Law Division of the FSLC, the Surety Claims Institute and the National Bond Claims Association. We have offered our perspectives at surety-related continuing legal education programs and have been involved in legislative activities related to North Carolina’s Model Payment and Performance Bond statutes.
In addition to claims on contract bonds, our surety law attorneys routinely handle commercial bonds matters, including statutory probate bond and licensure bond claims.