Over the past few years, the NASBP International Committee has been providing members, that have international clients, various resources addressing how the United States differs from foreign markets in providing financial protections to construction projects. A new resource developed by the Committee offers NASBP members an educational piece for discussions about U.S. bonding requirements with their international clients. This white paper, “Construction Surety Bonds in the United States,” describes what foreign contractors should know about surety bonds when pursuing U.S. public works contracts. More specifically, the paper clarifies how the U.S. tends to use surety bonds more commonly as a means to provide a guarantee for a project’s completion versus bank letters of credit. The International Committee would like to thank Committee Member Robert Coon of Scott Insurance for his work on this document.
Get Important Surety Industry News & Info
Keep up with the latest industry news and NASBP programs, events, and activities by subscribing to NASBP Smartbrief.