A contract typically consists of the fairly standard parts. Each part may be different depending on what the contract is for, but most of the time these standard terms are there. The Title – This is what you call the agreement (obviously). The Parties – Identifies the individuals or entities subject to the contract. The … Continue reading “The Anatomy of a Contract”

You’re an entrepreneur for a few reasons: You want to make money, you want to make a difference, or want to control your own destiny. The main reason, though, is because you just feel a drive to do it and that drive consumes you. You are, as Michael O’Neal from The Solopreneur Hour would say, … Continue reading “The 5 People Every Business Owner Should Know”

Utah Strictly Enforces Preliminary Notice Requirement on Bond Claims A federal district court recently submitted an interesting ruling regarding Utah’s private bond statute. Utah Code Annotated section 14-2- 1(2) requires the posting of a bond on any private commercial construction project exceeding $50,000. The payment bond is for the protection of all persons supplying labor, … Continue reading “I am the Gatekeeper”

Gaining momentum – and being explored by at least one local municipality – are actions and claims against sureties for violation of Nevada’s Unfair Claims Practices Act (“Act”). See NRS 686A.310. Claimants seek not only compensatory damages, but also punitive damages – to incentivize the surety to pay otherwise questionable or invalid claims. In our … Continue reading “An Emerging Strategy of Claimants – Nevada’s Unfair Claims Practices Act”

By Kurt C. Faux, Esq.1 and Colin R. Chipman, Esq. The downturn in the construction industry and the corresponding insolvency of many contractors has caused an ever increasing focus on the role of surety bonds. Despite the growing attention, the role of surety bonds is still often misunderstood by owners, contractors and subcontractors alike. As … Continue reading “Introduction to Construction Bonds in Nevada”