http://forums.jwsuretybonds.com/ Get your performance bond questions answered by industry professionals. en Sat, 21 Nov 2009 00:00:16 GMT vBulletin 10 http://forums.jwsuretybonds.com/images/misc/rss.jpg http://forums.jwsuretybonds.com/ http://forums.jwsuretybonds.com/performance-bonds/2438-payment-bond-question.html Thu, 12 Nov 2009 09:16:01 GMT Hello,

I work for a manufacturer in Europe. A company from Puerto Rico just won a contract to supply our products to a Government Agency (in Puerto Rico, of course).

We need a payment guarantee for all our sales, and in this contract, the Government agency requires the seller to provide a Payment Bond for the 60% of the contract value. The thing is that this payment bond's beneficiary is the Puerto Rican Government Agency, not us, the manufacturer.

How can I be sure that in case the seller does not pay us, and the Government agency applies the bond, we will get paid?

I thank you in advance.

Regards,
Mauricio ]]> Performance Bonds mauricio http://forums.jwsuretybonds.com/performance-bonds/2438-payment-bond-question.html http://forums.jwsuretybonds.com/performance-bonds/2437-prevailing-wage-employees.html Tue, 10 Nov 2009 04:35:02 GMT I am on a university project at wwu.Myself and four other employees of a subcontractor have not been paid for one mo. The Sub went under and the general is dragging his feet and not covering our pay.Can we call in his bond to get our back pay.All of the big players have been recieving thier draws and the general has tons of money and is a union general contractor.We are non union but prevailing wage.46.16 per hour.This is a consideral amount of money and we are getting desperate.L. and I. would take too long and they have no teeth in recovering wages.our combined moneys due exceed 30,000. If the bond covers us how do we locate the bonding agent and how do we get them to honor thier bond? I am on a university project at wwu.Myself and four other employees of a subcontractor have not been paid for one mo. The Sub went under and the general is dragging his feet and not covering our pay.Can we call in his bond to get our back pay.All of the big players have been recieving thier draws and the general has tons of money and is a union general contractor.We are non union but prevailing wage.46.16 per hour.This is a consideral amount of money and we are getting desperate.L. and I. would take too long and they have no teeth in recovering wages.our combined moneys due exceed 30,000.
If the bond covers us how do we locate the bonding agent and how do we get them to honor thier bond? ]]> Performance Bonds toppcat http://forums.jwsuretybonds.com/performance-bonds/2437-prevailing-wage-employees.html http://forums.jwsuretybonds.com/performance-bonds/2436-changing-principals.html Fri, 06 Nov 2009 20:29:08 GMT If a contract was awarded to one company and the when it is time to submit their bond, they indicate that they have exceeded their bond capacity. They now want to team with another vendor that has bond capacity. Where is this indicated that it is not allowed... Thanks If a contract was awarded to one company and the when it is time to submit their bond, they indicate that they have exceeded their bond capacity. They now want to team with another vendor that has bond capacity.

Where is this indicated that it is not allowed...
Thanks ]]> Performance Bonds JAA http://forums.jwsuretybonds.com/performance-bonds/2436-changing-principals.html http://forums.jwsuretybonds.com/performance-bonds/2434-average-cost-performance-payment-bond.html Tue, 03 Nov 2009 01:24:18 GMT what is the average rate precentage of the contract? what is the average rate precentage of the contract? ]]> Performance Bonds dawn http://forums.jwsuretybonds.com/performance-bonds/2434-average-cost-performance-payment-bond.html http://forums.jwsuretybonds.com/performance-bonds/2427-performance-bond-expiring-early.html Wed, 30 Sep 2009 23:31:51 GMT The City required a $25k performance bond to cut through the street for a sewer connection for my house (because of a failed septic), that was good for one year from the date of the road crossing. They said once they received the bond we could move forward with cutting the road, so the bond was issued and would expire one year from the date it was issued. But then the City held the job up for several months before we were actually allowed to connect to sewer. I've been notified by the company that issued the bond that it will expire in a few days. If I don't pay to renew it for another year they will notify the City. Technically its only been 6 months since the road crossing. The job is complete and there have been no problems with the work. What happens if I just let the bond expire? ]]> Performance Bonds 22ball22 http://forums.jwsuretybonds.com/performance-bonds/2427-performance-bond-expiring-early.html http://forums.jwsuretybonds.com/performance-bonds/2399-claim-payment-performance-bond.html Fri, 31 Jul 2009 20:07:33 GMT In a quick nutshell: We obtained a bond on a 3 year maintenance contract. Due to issues with the customer, we cancelled the contract and the customer accepted the cancellation. Almost a year later, they made a claim on the bond. The bond company denied the claim. The customer has not responded whatsoever after their initial claim letter. The contract term has expired and I am being told the bond has expired. The bonding company holds a letter of credit from my bank that I have to keep renewing, although everything is expired. Shouldn't this be over with the expiration of the contract and bond or is my only option to file suit for the customer to release the bond? We've spent a ton of money on this already and I can't imagine having to spend more on filing suit. It is absolutely causing problems with us obtaining other bonds, etc. We're in MO. Any thoughts? ]]> Performance Bonds MollieP http://forums.jwsuretybonds.com/performance-bonds/2399-claim-payment-performance-bond.html http://forums.jwsuretybonds.com/performance-bonds/2389-performance-bond-direct-owner-purchases.html Wed, 24 Jun 2009 17:44:40 GMT We have a project where by the municipal client will be undertaking owner direct purchases of materials to avoid the State sales taxes on these items. This is being handled by change order to the just executed owner-GC contract. The GC is seeking to have the performance bond for the amount of the contract minus the amount of the owner direct purchases. Is this normal? Does it limit protection for the owner? What happens if the material is damaged and the GC can no longer perform? Is this split between the performance bond and builder's risk? ]]> Performance Bonds WI-Architect http://forums.jwsuretybonds.com/performance-bonds/2389-performance-bond-direct-owner-purchases.html http://forums.jwsuretybonds.com/performance-bonds/2386-multiple-applications.html Thu, 18 Jun 2009 13:54:12 GMT We currently have been awarded a project where as the general contractor is requiring us to bond to them as a subcontractor for the portion of the work. The project is approximately 2.2 million in value for our work. As we have not bonded in several years we essentially need to start all over. As we need to get back to the general contractor with our bond in a quick timeframe, My question is there any negative affects in applying with multiple surety's brokers (2-3) at the same time? Thank you in advance for your help on this topic.
Lou ]]> Performance Bonds lou http://forums.jwsuretybonds.com/performance-bonds/2386-multiple-applications.html http://forums.jwsuretybonds.com/performance-bonds/2360-collection-processing-claim-surety-bond.html Thu, 16 Apr 2009 13:12:20 GMT I am trying to indentify the costs(time, money, etc) of filing a claim against a Surety Bond or to accept the settlement offered and be done with it. I would also like to know the means by which my company is able to file a claim against the bond. I am trying to indentify the costs(time, money, etc) of filing a claim against a Surety Bond or to accept the settlement offered and be done with it.

I would also like to know the means by which my company is able to file a claim against the bond. ]]> Performance Bonds mking1 http://forums.jwsuretybonds.com/performance-bonds/2360-collection-processing-claim-surety-bond.html http://forums.jwsuretybonds.com/performance-bonds/2356-performance-bond.html Tue, 14 Apr 2009 22:38:37 GMT If a contract has a one year warranty will the entire performance bond be locked up until that warranty has expired? What I am really getting at is if we have to put up some kind of collateral to secure a bond, will that collateral be tied up for that entire time, or is some portion of it released after the project has been completed and bought off? If a contract has a one year warranty will the entire performance bond be locked up until that warranty has expired? What I am really getting at is if we have to put up some kind of collateral to secure a bond, will that collateral be tied up for that entire time, or is some portion of it released after the project has been completed and bought off? ]]> Performance Bonds Hardline http://forums.jwsuretybonds.com/performance-bonds/2356-performance-bond.html http://forums.jwsuretybonds.com/performance-bonds/2320-agents-share-bond-premium.html Thu, 05 Feb 2009 15:13:00 GMT What percentage of the bond premium does the surety pay the agent on a payment and performance bond. What percentage of the bond premium does the surety pay the agent on a payment and performance bond. ]]> Performance Bonds jevans http://forums.jwsuretybonds.com/performance-bonds/2320-agents-share-bond-premium.html http://forums.jwsuretybonds.com/performance-bonds/2307-older-contractor.html Thu, 29 Jan 2009 13:59:11 GMT I haven't had to get a performance bond in over twenty years, what are some of the changes for bonding from then to today? ]]> Performance Bonds grasshopper http://forums.jwsuretybonds.com/performance-bonds/2307-older-contractor.html http://forums.jwsuretybonds.com/performance-bonds/2306-personal-financials.html Wed, 28 Jan 2009 18:12:08 GMT I need to setup a bond line for under $250K, will I be required to provide a Personal Financial Statement? I need to setup a bond line for under $250K, will I be required to provide a Personal Financial Statement? ]]> Performance Bonds h2o http://forums.jwsuretybonds.com/performance-bonds/2306-personal-financials.html http://forums.jwsuretybonds.com/performance-bonds/2301-stimulas-work.html Tue, 27 Jan 2009 13:49:35 GMT With the upcoming stimulas projects coming up, has anybody heard if they restructruring jobs will be huge or can smaller companies also get in on the action? With the upcoming stimulas projects coming up, has anybody heard if they restructruring jobs will be huge or can smaller companies also get in on the action? ]]> Performance Bonds grasshopper http://forums.jwsuretybonds.com/performance-bonds/2301-stimulas-work.html http://forums.jwsuretybonds.com/performance-bonds/2288-acstar-competitors.html Mon, 19 Jan 2009 22:27:44 GMT Acstar Surety seems to have a foothold on difficult to place contract bonds. Can someone recommend a surety who will underwrite using letters of credit as a form of collateral. I have HCC so far. Any others? Acstar Surety seems to have a foothold on difficult to place contract bonds. Can someone recommend a surety who will underwrite using letters of credit as a form of collateral. I have HCC so far. Any others? ]]> Performance Bonds harder http://forums.jwsuretybonds.com/performance-bonds/2288-acstar-competitors.html