This presentation: defines "Bank Sweeps"; provides both the Bank's perspective and the Surety’s perspective; the underlying competing objective of mitigation of losses; taking a proactive approach; quantifying that portion of the sweep that came from bonded versus non-bonded contract revenues; priority interests as to each; and steps the Surety can take to go about protecting those interests.
We will also address practical ways to co-exist with banks and how to potentially achieve a win-win for both the Surety and the Bank as to the available Indemnitor funds, while avoiding protracted and expensive litigation (keeping in mind that the bank sweep may have already occurred before the Surety was contacted by the principal).
The registration rate is $75 for DRI members and $150 for non-members.