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 management tools
NASBP_What Are SB_Final.pdf
NASBP Policy Statement
Green Building and Surety.pdf
Faced with increased development, some local governments are requiring subdivision bonds to guarantee contractors meet their performance obligations. “Subdivision bonds generally guarantee public or private work improvements to a city or a municipality,” said Jason Valle, AFSB, AIS, Regional Manager in the Pacific Northwest for International Fidelity Insurance Company, a member of IAT Insurance Group
The goal of architects is to help ensure successful project completion and to enhance the reputation of the owner—and the architect. Surety bonds play an essential role in the process by providing assurance the contractor is capable of meeting its contractual obligations and by protecting owners against contractor default and certain subcontractors and suppliers against non-payment
NASBP_Managing Projects_Final.pdf
Interest in international commercial surety bonds has risen in several regions of the world, creating opportunities and challenges for producers, said Kathleen Mitchell, National Practice Leader for Surety at Wells Fargo Insurance Services USA, Inc
NASBP has become aware that surety trust arrangements currently are being marketed as an effective alternative to surety bonds. The marketing materials for these trust arrangements are deficient in their treatment of the characteristics of and protections provided by surety bonds
Surety Bonds and Trust Arrangements.pdf
Joint white paper on the NASBP and SFAA position #RiskManagement #ConstructionIndustry #GreenBuilding
2011 Prfrmnc Bnds Green Bldg Cnstrctn.pdf