Accession Number : ADA254811


Title :   Survey Bonds and Sureties in the Construction Industry


Descriptive Note : Master's thesis


Corporate Author : FLORIDA UNIV GAINESVILLE DEPT OF CIVIL ENGINEERING


Personal Author(s) : Openshaw, Mark F


Full Text : https://apps.dtic.mil/dtic/tr/fulltext/u2/a254811.pdf


Report Date : Jan 1992


Pagination or Media Count : 85


Abstract : The concept of suretyship is an old one. The Bible, the Code of Hammurabi, and the Magna Carta contain many pertinent references to suretyship. Solomon warns in the Book of Proverbs, 'he that is surety for a stranger shall smart for it.' The leading issue in Shakespeare's Merchant of Venice was the contract of suretyship entered into by Antonio and Shylock. Shylock was to take a pound of Antonio's flesh if Antonio's friend, Bassanio, was unable to pay his obligation to Shylock. Suretyship has far reaching applications in business and commerce today, particularly in the construction industry. Surety bonds play a major role in allocating particular risks within the tangled web of parties to a construction project. Sureties guarantee the construction contractor will meet its contract obligations, but a construction project owner may find getting the surety to act on its guarantee is not often an easy chore. Technical defenses which rely on an overlap of commercial and surety law make are often used successfully by sureties to minimize their losses.


Descriptors :   *CONTRACT ADMINISTRATION , *CONTRACTORS , *CONSTRUCTION , INDUSTRIES , GUARANTEES , SALARIES , LOSSES , SURVEYS , COMMERCE , RISK , CONTRACTS


Subject Categories : Administration and Management


Distribution Statement : APPROVED FOR PUBLIC RELEASE