What is a Surety Bond? In order to understand why you need a bond, we have to start with what is a bond. Bonds are essentially a product, similar to a guarantee that helps to transfer risk and mitigate risk…
Colin McCarthyJanuary 27, 2023
California law requires that all workers employed on public works projects must be paid the proper and legally correct prevailing wage, as determined by the Director of the Department of Industrial Relations (DIR) and according to the type of work…
Colin McCarthyJune 28, 2021
A perfect storm of factors has led to unprecedented increases in construction material costs. As Americans were forced to sit at home during the Pandemic, the market for home improvements skyrocketed. Coupled with the already volatile international materials market, weather…
Colin McCarthyApril 29, 2021
Trillions of dollars have poured into the domestic economy since the outset of the COVID-19 Pandemic*. These programs reflect an unprecedented reaction to an unprecedented public-health emergency. As these dollars continue to flow into the hands of public owners, the…
Colin McCarthyMarch 2, 2021
Lanak & Hanna has completed a construction deal for one of its premier clients involving a $16 million affordable housing project in Downtown Los Angeles. Principal Attorney Colin K. McCarthy successfully negotiated the prime contract package, subcontracts, bonds and insurance…
Colin McCarthyJanuary 25, 2021
Here is our top ten list of tips available to contractors to help minimize risk on construction projects. Second Set of Eyes on Bid Documents: Often contractors rely on a single person to estimate jobs and prepare bids. This is…
Colin McCarthyNovember 19, 2020
As we emerge from the effects of a global pandemic that has impacted every sector of the business community, one of the lessons learned is a renewed focus on the vital role that contracts play in our business dealings. From…
Colin McCarthyOctober 22, 2020
Most sureties are aware depending on the language of the underlying bond, the surety can be compelled to arbitrate when the underlying contract it guarantees contains a valid and enforceable arbitration clause. However, what happens when the claimant seeking arbitration…
Colin McCarthySeptember 15, 2020
Imagine that feeling on bid day: You’ve worked hard to ensure your bid includes everything. You’ve lined-up your subcontractors, secured your bid bond and are awaiting the owner’s opening of bids. But as the bids are opened, you quickly realize…
Colin McCarthyAugust 19, 2020