OverviewHow can a public agency using the low-bid system in awarding public works contracts be sure that the lowest bidder is dependable? How can private sector construction project owners manage the risk of contractor failure? Most public agencies and construction contractors are familiar with the process of obtaining surety bonds, but they may not be aware of the legal relationships that bonds establish. Bonds confirm the relationships among the principal (the contractor), the obligee (usually the owner) and the surety. This session will answer these questions and more. Participants will get a brief overview of bonding and insurance, see an outline for timing, and be able to identify when to use a particular type of bond. This online training session is targeted to beginning procurement professionals.
What You'll Learn
2. Identify when to use a particular type of bond
3. Give examples of how the surety provides the assurance that a contractor can perform