The NASBP Commercial Surety Committee is pleased to announce the release of the NASBP Bond Execution Guide
, a short primer designed to help new in-house administrative staff of agencies and sureties reach a general understanding of the basics of the surety bond form, including important terms, key items to check when executing a bond, and potential changes to a bond.
Members of the NASBP Commercial Surety Committee worked hard to create the guide and gather the many bond form examples that are used in this guide. Special thanks go to the following committee members who were instrumental in the development and creation of this guide: Chair Corban Enns, Liz Bottemiller, Deborah L. Burton, Lynne Cook, Lourdes Landa, Florence M. McClellan, and Kathleen Mitchell.
Additional thanks go to the following organizations for granting permission for their forms to be used as examples in the Guide:
- The American Institute of Architects
- Berkley Insurance Company
- The Hartford
- Liberty Mutual Insurance Company
- Zurich Surety
The Guide is composed of five chapters that outline the main clauses typical to a surety bond, how to prepare to execute a bond, a checklist to execute the bond, potential changes to the bond, and electronic bonds, as well as a glossary of terms.
The Guide is free and can be downloaded from the NASBP website