EXPEDITED DISPUTE RESOLUTION BONDS: WHAT YOU NEED TO KNOW
Did you know that bonds are required to help guarantee performance, payment, and maintenance terms on a project to the owner/obligee? When bonds are in place, everything should run smoothly in the event of the dreaded bond claim right? Wrong. Typically, bond claims can take many weeks, if not months, for a resolution, regardless of the outcome.
The extended delay in resolution can cause project stoppage, incur damages, and extend the final delivery of the project to the owner. Most bond forms don’t specifically address a timeframe or action plan for dispute resolution. Over the last couple of years the surety industry has looked to help in this issue by adopting what is known as an Expedited Dispute Resolution bond, more commonly known as an EDR bond. The EDR’s primary goal is expedite disputes. It defines time frames in which the surety has to investigate, whether performance or payment related, typically in less than 30-45 days. This can help avoid nasty penalties and delays from the owner and it ultimately keeps projects running on schedule as all parties involved are to continue work throughout the process. It’s worth noting that EDR bonds are not right for every project, but if utilized correctly, are a very effective solution for owners, general contractors, and subcontractors in the event there is a claim.
About the Author
Share This Story
Related Blogs
OSHA Announces Top 10 Violations for 2025
OSHA recently revealed its top 10 most frequently cited standards in the 2025 fiscal year using preliminary data. This information is valuable for businesses of all kinds, as it helps them identify common exposures that affect their workforce and gives them the information they need to plan their compliance programs.
Cyber Hygiene for Schools: Teaching Digital Safety to Students
Cyber hygiene for schools is more important than ever in today’s digital learning environment. Teaching digital safety to students not only protects their personal information but also strengthens overall school cybersecurity. With increasing online access in classrooms, cyber hygiene for schools must become a routine part of curriculum planning and student behavior expectations.
Mental Health Benefits Go Mainstream: What Employers Need to Know
Once considered a niche offering or a reactive add-on, mental health benefits have now moved to the center of the employee experience. In 2025, nearly half of U.S. employers offer some form of mental health support beyond traditional EAPs—a sharp rise from just 30% in 2023. This shift isn’t just cultural; it’s strategic.