EDITOR'S NOTES | Issue 2-23
publication date: Jun 6, 2004
This week we review the appeals court’s decision in the Petrobras debacle, which first stunned the surety industry in 2002 for its $370 million award. Meanwhile, in November 2003, the sureties prevailed in their motion to enforce the indemnity agreements with the defaulted contractor, including payment of the sureties’ own $40 million attorneys’ fees, even while the 2002 default case remained on appeal. Also reviewed this issue is a Turner Construction contract interpretation case. Finally, we catch up on VABCA decisions from the past six months. We extended this print version by 3 pages to accommodate these stories.
In Tips and Techniques, we introduce the AGC’s amendment to its standard lump sum form contract for dealing with material price increases.
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