NASBP, in collaboration with the Associated General Contractors of America (AGC), present the new revised Second Edition of the industry standard, The Basic Bond Book. For over two decades this publication has served as an introduction to contract surety bonding to those entering the construction and surety industries. To download a PDF of the book, please click here . If you are interested in ordering bound copies of the book, please visit AGC's bookstore
By Julia Bobbitt & Brian Waters of Gray Reed & McGraw LLP on January 24, 2023 Originally published in ABC Houston’s Build Houston Magazine Construction companies spend countless hours drafting agreements requiring indemnification and insurance for their projects. These...
This 7-page document, developed by the Associated General Contractors of America, with input from NASBP and SFAA, provides owners, contractors, subcontractors, and other construction industry stakeholders with a basic understanding of the contract surety claims process
AGCofAm-ClaimsMay2014.pdf
Level I is intended for in-house bond department staff, producers new to contract surety, and those new to the industry. The curriculum includes an overview of the surety industry, introductory financial statement analysis, work in process concepts and application, surety credit information-gathering techniques, submissions to surety companies, review of regularly encountered surety documents and bond forms, commercial surety, introduction to claims handling concepts
The Surety Underwriter’s Desk Book, a publication of the Fidelity & Surety Law Committee of the American Bar Association’s Tort Trial & Insurance Practice Section, has been generously provided as a resource to NASBP’s membership by the authors. This publication provides an overview of the legal considerations that pertain to surety bond underwriting on a state-by-state basis
This would impose a significant duty on third party insurers to familiarize themselves with [Veterans Administration] regulations before bonding companies. It is a significant leap in terms of liability. Without facts indicating that the insurance defendants knew of the specific SDVOSB requirements, this Court will not impose an affirmative duty on insurance and bonding companies to double-check the government’s verification.”
However, don’t go too far out on a lien limb because TJ, despite his many attributes, did not conceive the basic idea of a lien. There were already lien-like privileges in some civil law countries such as France (which TJ loved) and Spain, and some historians trace their roots to the mighty Roman Empire (please do not buy a lien history book for your favorite construction lawyer…if they even exist)
In Scollick , a former employee of a construction company filed a FCA lawsuit against several companies, their owners, the bonding agency, the bond producer, and the sureties that bonded the federal construction projects in question
The party executing the release is acknowledging the receipt of payment and stating that the payment was credited to the contractor’s obligations on the project which is identified on the Lien Release. This is basic. When I evaluate a Lien Release, I demand that it function as intended, but I expect much more than basic
The NASBP Virtual Seminar will address key risk areas and risk mitigation techniques for bond producers, sureties, and contractors