NASBP has provided NASBP Members and Affiliates free access to the new, updated 11 ConsensusDocs bond forms. The revised forms consist of eight performance and payment bonds. The updates include performance bonds that require a definite declaration of default or non-default and the payment bonds that require surety consent for certain penal sum increases. Specifically, the ConsensusDocs 706 Subcontractor Performance Bond now includes a self-help provision that isn’t included in other standard bond forms.

While three of the bond forms have not been revised (262 Bid Bond, 263 Warranty Bond, and 760 Subcontract Bid Bond), all eleven bond forms will have updated mastheads that include updated logos of the endorsing organizations of each form.

The eleven ConsensusDocs Bond Forms are as follows:

1. ConsensusDocs 260: Performance Bond Form (coordinated with agreements between contractor and owner)
2. ConsensusDocs 261: Payment Bond Form (coordinated with agreements between contractor and owner)
3. ConsensusDocs 262: Bid Bond
4. ConsensusDocs 263: Warranty Bond (coordinated for the agreements between contractor and owner)
5. ConsensusDocs 470: Design-Build Performance Bond (Surety Liable for Design Costs)
6. ConsensusDocs 471: Design-Build Performance Bond (Surety Not Liable for Design Costs)
7. ConsensusDocs 472: Design-Build Payment Bond (Surety Liable for Design Costs)
8. ConsensusDocs 473: Design-Build Payment Bond (Surety Not Liable for Design Costs)
9. ConsensusDocs 706: Subcontract Performance Bond
10. ConsensusDocs 707: Subcontract Payment Bond
11. ConsensusDocs 760: Subcontract Bid Bond

NASBP members can access these bond forms for free after agreeing to the Content License Agreement. View the license and bond forms here (NASBP log-in required.)

New ConsensusDocs Coalition Member

Modular Building Institute (MBI) is the newest member of ConsensusDocs, making it a group of 41 associations dedicated to publishing best practice standard construction contracts to improve the design and construction industry. MBI is an international non-profit trade association serving modular construction, with a membership of manufacturers, contractors, and dealers.

New Prefabricated Contract Document

Published just this month, ConsensusDocs 753 Standard Prefabricated Construction Contract is the industry’s first standard contract document to address prefabricated construction.

New ConsensusDocs member MBI, along with other industry leaders, worked for two years to offer this standard contract document that centers the industry definitions and scenarios that are unique to prefabricated construction.

The contract focuses on a common use case scenario of prefabricated construction in which a constructor, general contractor, design-builder, or Construction Manager contracts with a prefabricator to fabricate a component off-site that is later installed on a project worksite. If you missed it, be sure to listen to the October 27 NASBP Virtual Seminar with Ron Ciotti, who explained how the ConsensusDocs 753, Standard Prefabricated Construction Contract works.

The NASBP membership can save 20% on ConsensusDocs document subscription packages

Because NASBP is an endorsing member of ConsensusDocs, the NASBP membership receives 20% off of their purchase of ConsensusDocs subscription packages from ConsensusDocs at the ConsensusDocs online store when the following discount code is provided when prompted during purchase, Promotion Code: NASBP100.

For more information, visit consensusdocs.org.
For information about the ConsensusDocs bond forms, visit nasbp.org.