Coverage & Arbitration

Coverage Limitations

• No contract amount limit
• Coverage up to $100,000 per claim
• The warranty is governed by the law of the state or province where work is performed and is limited to one year from completion of project
• All contract work and any and all written change orders performed by association members in good standing are covered under the warranty provided that the contract has been forwarded to Contracting Trust as required
• The Warranty extends coverage on to the contracting parties. It specifically excludes coverage to any other parties including any potential third party beneficiaries.
• The coverage can replace a surety bond.

The Arbitration Process

Mindful of the high cost of litigation, not only in dollars, but also in time and energy, Contracting Trust has selected the “Arbitration Process” as the out-of-court, alternative dispute resolution process to settle any disputes related to the coverage offered by Contracting Trust.
The benefits of the arbitration process are as follows:

• Usually resolves in 7-35 days
• Arbitrator has a construction background and visits the job-site, avoiding attorneys and judges who usually have no idea what they are ruling on
• The arbitration process is generally much simpler than using the court system
• The arbitration process is generally much less expensive than the court system
• The arbitration process is generally much quicker than using the court system, which is important especially if the residence is under construction and not complete.
• Prevailing party collects all fees or costs related to dispute.

For more information click on the following link: Construction Dispute Resolution Services