Philadelphia Surety Blog

CONSTRUCTION BACKLOG INDICATOR SHOWS OVERALL DIP

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Construction Industry News on Sep 24, 2016.

The Construction Backlog Indicator, or CBI, is a tool that measures backlog as an indicator of the health of the construction industry. The CBI is presently offering mixed signals to the market. While multi-national and large construction firms are showing the largest backlogs in history, this seems to correspond with a decrease in backlog for medium sized and small contractors.

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Sureties to the Rescue: Maintenance Bonds Suggested As Remedy to Allow for Timely Release of Retainage

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Pending Legislation on Sep 20, 2016.

The Pennsylvania state legislature has spent considerable time over the last 2-3 years addressing issues in the construction industry. One of the more recent changes under consideration are amendments to the Pennsylvania Contractor and Subcontractor Payment Act. This statute, which is designed to ensure prompt payment on private projects in Pennsylvania, contains a number of provisions that are in need of update. At least one of the proposed changes will have a direct impact on the surety industry.

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Surety Trivia

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in General on Sep 9, 2016.

Surety contracts have become a signficant part of the construction marketplace; and there is a plethora of law surrounding how they work.  But can you guess the oldest known reference to suretyship in a written legal code?

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Surety Mistakenly Negates Its Own General Indemnity Agreement

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in General Agreements of Indemnity on Sep 6, 2016.

Disputes between entities involved in construction projects often involve a number of different companies with different roles on a project. These different roles, and resulting relationships, inevitably lead to different contracts with competing contractual provisions. For the unsuspecting, this can lead to a battle of forms that may create problems of disastrous proportions. A recent federal court opinion issued in Nevada illustrates the point.

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Celebrating Labor Day

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in General on Sep 5, 2016.

Wishing all those who work so hard to help build this country and make her great a wonderful Labor Day. Thanks for all you do and for letting Kaplin Stewart be part of your great industry.

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Construction Group Partner Josh Quinter to Speak at MetalCon 2016

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Kaplin Stewart News on Aug 17, 2016.

We are excited to announce that Josh Quinter, a partner in our construction practice group, will be speaking at MetalCon 2016. He will be presenting his program entitled “Documenting Your Project to Get Paid” on both October 26, 2016, and October 27, 2016, to a national audience of owners, contractors, subcontractors, and suppliers in the metal building industry.

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Get Ready For Our Fall Seminar Series!

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in General on Jun 16, 2016.

On the heels of our successful Spring Seminar Series, Kaplin Stewart’s Construction Law Group is in the process of planning its next program offering. Our Fall Seminar Series will follow a similar set-up to our Spring Seminar Series and offer some great new topics. We will have another announcement in the near future with more details, but here are some of the particulars.

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Subcontractor Default Insurance Versus Surety Bonds

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in General on Jun 13, 2016.

Although it’s hardly a new product at this stage, the introduction of Subcontractor Default Insurance (“SDI”) is much more recent than the use of surety bonds. Many of the very large general contractors are now using SDI because it allows them to control the claims process a bit more. These policies, while useful, should not be confused with surety bonds though. There are some important distinctions between the two that are worth noting.

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