Access to Industry Bond Forms DBIA Bond Forms Now Available NASBP is pleased to announce that the NASBP Membership can access the 14 Design Build Institute of America (DBIA) bond forms that DBIA recently published. NASBP Bond Forms Through discussions with the American Institute of Architects (AIA) Contract Documents Program and ACD Operations, LLC, NASBP secured the permission of AIA to create NASBP-equivalents of the current editions of its bid bond document, AIA Document A310-2010, performance bond and payment bond document, AIA Document A312-2010, and warranty bond document, AIA Document A313-2020
By Daniel L. Lawrence of Bradley Arant Boult Cummings LLP Published in Construction and Procurement Law News, Q1 2022 A recent opinion from the Court of Appeals of Texas provides clarification regarding a contractor’s right to payment where the adequacy of the work performed is...
There are three basic types of contract surety bonds, which are the following: The bid bond assures that the bid is submitted in good faith and that the contractor will enter into the contract at the price bid and will provide the required performance and payment bonds. The performance bond protects the owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions. The payment bond assures that the contractor will pay specified subcontractors, laborers, and materials suppliers associated with the project
Do Lenders On Private Construction Projects Benefit From Performance and Payment Bonds?
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
Well, it turns out, there is a way on private work—it is called a payment bond—and some states have codified this powerful payment alternative in their statutes
NASBP sent aletter to the bill sponsor, Senator Settlemeyer, detailing the importance of the surety product and the millions of dollars saved in Nevada alone, by having projects properly bonded. Bond Waivers North Dakota Bidding Documents of Venture Project No. 130014, for the Burleigh & Morton County Detention Center, specifically Section 11.4, Performance Bond and Payment, which stated the owner has the right to waive either or both bond requirements
§ 3131, and applicable FAR Council regulations, requires construction companies performing contracts of more than $150,000 for the construction, alteration, or repair of any public building or public work of the federal government, to provide: A performance bond for the protection of the government for completion of the work, and A payment bond for the protection of persons supplying labor and material in carrying out the work
By Benjamin J. Hochberg of Peckar & Abramson, P.C. Originally published November 22, 2023 In BIL-JIM Construction Company, Inc. v. Wyncrest Commons, LP , 2023 WL 7276637 (Unpublished, decided November 3, 2023), the New Jersey Appellate Division was asked to consider two...
On August 27, 2013, NASBP submitted the attached comment letter to the Chair of Cuyahoga County's Council Committee on Public Works, Procurement & Contracting. This committee had introduced a proposed ordinance that would allow the county discretion when including performance and payment bonds...
NASBP Comments Regarding Proposed Ordinance 2013-0018.pdf