Mechanic’s Lien Release Bond: Frequently Asked Questions

by Neil Pedersen | Sep 6, 2019 | Suretyship

A lien is a mechanism used by contractors and suppliers to force payment of outstanding monies due from the owner, tenant or landowner. A Mechanic’s Lien will assure that the owner completes all required payments to the contractors participating in the project. It is...

Discharge of Mechanic’s Lien for Public Improvement Bond in New York

by Neil Pedersen | Oct 23, 2013 | Bonding Procedures, Court Bonds, Miscellaneous Bonds, Suretyship

Discharge of Mechanic’s Lien for Public Improvement bonds are very rare but they share some similarities to regular Discharge of Mechanic’s Lien (DML) bonds. These bonds arise in situations where a subcontractor, hired by a Principal contractor, has not received...

The Importance of Insurance Coverage for Bonds

by admin | Sep 3, 2020 | Bonding Procedures

Today I want to talk about the importance of insurance coverage and help you understand when an insurance policy provides or requires the insurer to indemnify a surety company for a bond on behalf of their insured.  It is important to know if there is a policy that...

Third Party Indemnity Related to Court Bonds

by admin | Aug 19, 2020 | Bonding Procedures, Court Bonds

There are times when a client needs to obtain a bond and is unable to do so. In cases like these, a third party could be willing to guarantee the bond. This would require the third party to execute an Indemnity agreement with the surety in addition to the bond...

Cancelling a Notice of Pendency

by admin | Jul 6, 2020 | Bonding Procedures, Court Bonds

(3 minutes to read) Today, I’d like to talk about the New York Consolidated Laws, Civil Practice Law, and Rules — CVP § 6515 subsection (2), which concerns the cancellation of a Notice of Pendency where both the plaintiff and the defendant are required to post...