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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: GraceZ who wrote (18447)3/11/2004 3:47:17 AM
From: Elroy JetsonRead Replies (2) of 306849
 
As you probably know well, general bonding requirements are not sufficient to assure much of anything. We've normally had the contractor bonded for the specific job - and even that requires some due diligence.

Years ago Chevron used a grading contractor, of long standing, whose financial situation changed. He brought a hillside down to grade, in preparation for building a shopping center, for very little cost as he was allowed to sell the cut material. There was no superintendent on the job.

Once he completed the job to finish grade - he continued, digging a huge open pit which filled with water after a week of rain to form a lake - pouring mud down onto the adjacent freeway, and closing it. Millions of dollars later, and understandable fury from Cal-Trans, we discovered our field office, trusting their 20 year relationship with the contractor, had been presented with a fraudulent bond they had taken at face value - ugly. The contractor was obviously insolvent already, which had prompted his change in behavior.

I think it's really great that the deposit amount is so limited by law in California for home improvement projects. I really can't believe I've never heard of it. Obviously I've never been involved with a contracting project on my home.
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