Tips For Avoiding Bad Labor Layers

Labour Lawyer

If you need to hire a labor lawyer it is important that you hire the right one. Bad labor lawyers could cost you your case and the fees that you need to pay them. There are a number of steps that you need to take to avoid these bad lawyers.

Do Your Research

The most important step to take is to research the lawyer you are considering. You should look at reviews and recommendations from people and what they have to say about the lawyer’s services. It is also recommended that you contact the state board to find out if there are any complaints against the lawyer.

The state board should also be able to provide you with a listing of lawyers in your area that are in good standing. These are the lawyers that you will want to work with. A lawyer that is not in good standing could cause more problems for you than they fix.

Always Interview The Potential Lawyer

A lot of people make the mistake of not interviewing the lawyer before they choose them. An initial consultation is needed to see what their credentials are and to determine whether they are up to date on the labor laws. When you interview the potential lawyer you need to have a list of questions to ask them. These questions should be based on what you need from the lawyer, how you can determine their credentials and what they have to offer you.

When you interview the lawyer you will also need to find out if they have handled cases similar to your own. Lawyers who have experience in similar cases will be better as they understand any problems that could arise. You should also ask about the success they have had with cases which are similar to your own.

Familiarize Yourself With Your Rights

It is important that you not leave everything to the lawyer and know what your rights actually are. A bad lawyer might try to sell false information about your rights and this could be harmful to your case. All employee rights are based on state and federal laws which you can find breakdowns of. It is important to know your rights, which you can read about at aidsandthelaw.com, so you can ensure that your labor lawyer is on the same page as you.

Be Honest With The Lawyer

To determine whether or not the lawyer is right for your case you need to be honest with them. The lawyer will not be able to provide correct information if you do not give them the correct details. You should detail the basis of your case and what your expectations are. A good lawyer will work through the case with you can advise on what you could expect from the law.

Understand The Payment Arrangement

If you do not understand your payment arrangement you could be using a bad lawyer. Good lawyers will be clear on the payment structure including what you are liable for and which costs could be reclaimed. It is important that you get an estimate of costs from a few lawyers to help you make your final decision.

How To Obtain Surety Bonds

Legal Surety Bond Contract

A surety bond is an agreement between three parties where the surety ensure the obligee (project owner) that the contractor (principal) will make an agreement with respect to the contract documents. When the contractor requires that its subcontractors obtain bonds, then the contractor becomes the obligee and the subcontractor becomes the principal.

The principal is the party that undertakes the obligation under the bond, the obligee is the party receiving the benefit of the surety bond while surety is the party that issues the surety bond guaranteeing the obligation covered under the bond will be performed.

Local and federal state governments require surety bonds for risk management for construction projects and protection of taxpayers money. The bonds can be used by both private and public construction projects. While this information does not fully cover the topic you can go to The OKC Law Arena and read more on the subject.

Steps followed when obtaining surety bonds

Surety bond agent

The first step entails looking for a surety bond agent or broker who specializes in contract surety. A surety bond agent is the one who guides a contractor throughout the bonding process. Understanding the business requirements, the agent adapts the contractor’s submission for the desired needs of the surety firm.

They will then submit the account to the surety company which best matches the contractor’s profile. Therefore, an agent plays an important role as a medium of communication between the contractor and the surety company.

Surety company underwriter

After gathering the information, the agent will forward the information to the surety company’s underwriter. The underwriter will give insight into the operations of the business and ensures its capability for the project.

Pre-qualification process

Before underwriting the bond, the contractor has to go through a careful and thorough process known as pre-qualification. This process takes a lot of time as the producer collects and verifies information, verify necessary equipment available to perform the project and relevant experience with respect to the project. The agent will also review overall management and if the company can meet an obligation on time.

Financial statements and accounting methods

The surety will request that the contractor provides them with the fiscal year-end financial statements depending on how long the contractor has been in the industry. Financial statements of the past three years should be audited by a Certified Public Accountant or CPA in short.

The required financial statements include income statements, balance sheets, statement of cash flows, CPA’s opinion page, and schedules of account receivables and payables. General and administrative expenses, contracts in progress and completed contracts, management letters and necessary explanatory footnotes are also required.

Complete and accurate accounting systems are very important to surety companies as the percentage of accounting completing method determines the real and accurate financial condition during the accounting period.

Contractors are required to prepare a quarterly schedule of the work in progress. The schedule list should include total content price, changed orders, the cost incurred to date and amount billed to date.

Commitment

The surety company has to perform its contractual obligation under the bond. They at times ask for a demonstration of commitment from the construction company owners through corporate indemnity.

The indemnity agreement protects the surety company from any loss or mishap caused by the contractor’s failure to fulfill the bond’s requirements. This ensures that the contractors will stand firm in case of any issues.