I am contacting you on behalf of the National Association of Surety Bond Producers (NASBP), a national trade association of surety bond producers, including agencies employing licensed resident and nonresident producers placing bid, performance, and payment bonds on both public and private projects in the State of North Carolina and all other jurisdictions.
We recently received information from some of our members that the owner of the Jefferson Standard Building Renovation project (Project) has included performance and payment bonds as an alternative form of security for the Project. NASBP congratulates the owner for recognizing and designating performance and payment bonds, which are the very best risk management method to ensure prequalified contractors who are capable of performing the contract and paying their subcontractors and suppliers.
NASBP Letter Addressing Locality Requirements in VA Bid Bond