Surety Law — Sureties, Project Owners, Principals and Bond Beneficiaries

Surety Law — Sureties, Project Owners, Principals and Bond Beneficiaries

Sheak and Korzun, P.C.’s national reputation rests on over thirty years of representation in surety law matters.

What is a surety agreement?

A surety agreement is a contractual arrangement whereby one person, the surety, agrees to be answerable for the contractual duties of another, the principal. This is an ancient form of contract; it is first mentioned in the bible at Genesis 43:9 when Judah offers to act as surety for the safety of his brother on a voyage to the land of Egypt. Today, suretyship occurs in a wide range of family, small business and commercial transactions.

Our office has advised sureties, project owners, principals and bond beneficiaries on bail bond, appeal bond, fiduciary, ERISA, land use and other types of bonds.

Here are some examples of surety law matters Sheak & Korzun has handled:

  • Defended business owners sued as guarantors for purchase orders.
  • Represented a client in obtaining summary judgment for rescission of a seven figure public works bond based upon violation of public bidding laws and fraud by a public oblige.
  • Negotiated completion agreements for complex, contractor financing arrangements on multi-million projects, have pursued and have defended bond claims and handled subrogation and indemnification defenses.
  • Resolved claims on developer bonds for infrastructure designed for developments abandoned in the financial crash by securing the completion of improvements for the actual construction in place, ensuring proper use of cash escrows and obtaining return of bonds to prevent perpetual liability.
  • Won multimillion-dollar arbitration awards on mechanic lien bonds on behalf of unpaid subcontractors.
  • In estate and guardian bond matters, we uncovered schemes to defraud the elderly and incapacitated and recovered hundreds of thousands of dollars from the culprits and their confederates.
  • Protected clients from having their judgments compromised through fictitious appeal bonds.

Each of our partners has been invited to speak across the country on suretyship law to such groups as the Surety Claims Institute, National Bond Claims Association, and the Chicago Surety and Atlanta Claims Associations, and the New Jersey Institute for Continuing Legal Education. Articles on suretyship by this firms attorneys have appeared in ABA publications . (See publications and our attorneys’ resumes).

Please call Sheak & Korzun at (609) 737-6885 or complete our contact form to learn how we can help with your surety law matter.