You can download a copy of the agenda by following this link: NASBP Government Relations 2024 Agenda 2024 Government Relations Agenda of the National Association of Surety Bond Producers (NASBP) NASBP, located in Bethesda, MD, is a national trade association whose membership includes firms employing licensed surety bond producers placing bid, performance, and payments bonds throughout the United States, its territories and in certain countries for construction projects and other commercial purposes
Then, we’ll proceed to performance and payment bonds–which were introduced into the government contract canon in the Miller Act
Understanding the Differences between Performance and Payment Bonds and Project Completion Services Agreements is a two-page, easy-to-understand document that discusses the differences between contract bonds and a project completion services agreement. The paper explains that the proposed services in a project completion services agreement are not a proper substitute for the protections of performance and payment bonds
comparebnds_complsvcagrmnt.pdf
Do Lenders On Private Construction Projects Benefit From Performance and Payment Bonds?
Surety bonds on construction contracts provide critical prequalification of a bonded contractor and financial protection for the owner and certain subcontractors and suppliers. Architects who are knowledgeable about bonds are well positioned to advise owners about these premier project risk...
UCC §2-615, Excuse by Failure of Presupposed Conditions, Comment #4 states: “Increased cost alone does not excuse performance unless the rise in cost is due to some unforeseen contingency which alters the essential nature of the performance
Published May 24, 2021 Government construction contracts in excess of $150,000 require contractors to furnish payment and performance bonds
In the construction context, the Florida legislature has also applied this right to the recovery of attorney fees from sureties, for example, in circumstances where suit is brought against a surety under a payment or performance bond
This study recommends the following: Recommendation 12: Performance Bonds Cuyahoga County should respond to the perceived burden of performance bonds on SBE and MWBE firms by breaking performance bonds into “phases”
Demystifying construction contract surety bonds and protecting your projects from unforeseen circumstances Contract surety bonds provide essential protection for key parties involved in a construction project. They secure both project performance and payment of project-related costs in the event of unforeseen circumstances