Consent of Sureity

Consent of Sureity

Postby BITINGTHEDUST » Thu Oct 15, 2015 1:04 pm

Consent of Surety is required when?

1. Occupying the building
2. final payment to contractor
3. issurance of the Certificate of Substantial Completion
4. release of retainage

I know 1&2 requires consent of surety, but not sure about 3 and 4..
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Re: Consent of Sureity

Postby MvsB » Sat Oct 17, 2015 6:48 am

Consent of Surety is required prior to Issue of Substantial Completion - (AIA-A201 9.8.5)

Same goes for release of retainage. Since retainage is held to make sure everything gets wrapped up right by the GC, the insurer will want to be sure it is actually done before releasing retainage for a portion or all of the work.
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Re: Consent of Sureity

Postby hnQ_9999 » Sun Apr 02, 2017 11:25 am

In the event the Owner terminates contract with GC,
per 201, Owner will notify Surety of such.
I couldn't find 201 saying Surety has to consent to such
condition. and this is a complicated situation.
Anyone ?
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