Ethics for Paralegals

Lorman Education Services
Training overview
Professional Course
1.5 hours

Course description

Ethics for Paralegals

Ethics for Paralegals

Learn costs and defenses, along with the differences and protections provided by payment bonds, performance bonds and contractor default insurance. Learn costs and defenses, along with the differences and protections provided by payment bonds, performance bonds and contractor default insurance. Many project owners face uncertainty and financial loss due to the nonperformance or financial default of a contractor. Historically, owners have protected themselves from this potential by having contractors post performance bonds and/or payment bonds. Typically, where these bonds are provided, coverage is obtained under both a payment bond and a performance bond. A performance bond is issued by a surety to guarantee satisfactory completion of a project in the event of nonperformance or default by a contractor. A payment bond guarantees payment to the subcontractors and material suppliers for the labor and material supplied to a project. Recently, project owners have also used contractor default insurance as a potential replacement or substitute for a payment bond or a performance bond. Contractor default insurance provides indemnification to the project owner for the direct and indirect costs incurred as the result of subcontractor default. This topic helps project owners understand the differences and protections provided by payment bonds, performance bonds and contractor default insurance; the potential coverage provided by each; costs of payment and performance bond premiums and how to trigger coverage under each. Identify the potential defenses available to coverage under a payment bond, performance bond and contractor default insurance. In addition, a discussion of the potential of obtaining subcontractor default insurance or Sub Guard and the differences and potential benefits of Sub Guard versus construction bonds.

Learning Objectives

  • You will be able to describe the purpose of and the differences between a payment bond, a performance bond and contractor default insurance.
  • You will be able to discuss the potential benefits to the project owner from having the contractor provide a performance bond,payment bond or contractor default insurance.
  • You will be able to explain the differences between a payment bond, aperformance bond and contractor default insurance.
  • You will be able to identify the costs to the project owner of having the contractor procure a payment bond, performance bond or contractor default insurance.

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    Who should attend?

    This live webinar is designed for construction and project managers, engineers, presidents, vice presidents, owners, architects, controllers, accountants, contract managers and attorneys.

    Training content

    • Purpose and Benefit of a Construction Payment Bond
    • A Construction Payment Bond and a Construction Performance Bond Are Typically Obtained Together for a Construction Project
    • Obtained by the General Contractor for the Benefit of the Owner but Costs Typically Passed Through to Owner
    • A Payment Bond Guarantees Payment to the Subcontractors and Material Suppliers for the Labor and Material Supplied to a Project
    • Shields a Project Owner From Liability for Claims by Subcontractors or Material Suppliers
    • Bond Amount Is Typically Less Than the Full Contract Price Because the Bond Is Only Designed to Cover Subcontractor and Material Costs
    • All Construction Contracts Issued by the Federal Government Must Be Backed by Performance and Payment BondsPurpose and Benefit of a Performance Bond
    • Performance Bonds Are Issued by a Surety to Guarantee Satisfactory Completion of a Project in the Event of Nonperformance or Default by the Contractor
    • Obtained by the General Contractor for the Benefit of the Owner but Costs Typically Passed Through to Owner
    • If the Contractor Fails to Construct the Building According to the Plan and Specifications or Becomes Insolvent or Declares Bankruptcy, the Project Owner Client Is Guaranteed Compensation for Any Monetary Loss up to the Amount of the Performance Bond
    • Performance Bond Premiums Are Based on the Project Amount and the Financial Ability of the Contractor
    • Surety Options: Complete the Contract Through a Completion Contractor, Select a New the Contractor to Contract Directly With the Owner, or Allow the Owner to Complete the Work With the Surety Paying the Costs
    • In Order to Trigger Coverage Under a Performance Bond, the Project Owner Must Comply With the Bond's Provisions and Demonstrate Default of Nonperformance by the Contractor
    • Potential Defenses by a Surety to Coverage Under a Performance BondSubcontractor Default Insurance or Sub Guard - a Potential Alternative to a Construction Bond
    • Differences Between Sub Guard and Construction Bonds
    • Provides Indemnification to the Project Owner for the Direct and Indirect Costs Incurred as a Result of Subcontractor Default
    • The Determination of Subcontractor Default Is Made by the General Contractor
    • Options Available to the General Contractor in the Event of Contractor Default
    • Cost of Contractor Default Insurance
    • Contractor Default Insurance - Similar to Subguard With a Few Differences
    • Other Products/Solutions to Subcontractor Default

    Costs

    The cost of this Ethics for Paralegals live webinar is $219 per participant.

    About Lorman Education Services

    Lorman Education Services

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    Contact info

    Lorman Education Services

    Lorman Education Services
    2510 Alpine Road
    54702 Eau Claire Wisconsin

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