On behalf of the National Association of Surety Bond Producers (NASBP), a national trade association of agencies employing surety bond producers, including licensed resident and nonresident producers placing bonds in the State of Washington and in other jurisdictions, I am contacting you regarding the new requirement on the Wanapum Dam Spillway Gate Painting and Trunnion Rehabilitation project (Project) for a separate Indemnity Bond for Liquidated Damages in the amount of $500,000 for failure to provide performance and payment bonds on an awarded milestone work order. This new requirement has just come to our attention, prompting us to express our concerns to you.
Topic
Advocacy, Indemnity
Publish Date
August 13, 2015
Region
States, Washington
Audience
Owners
Resource Type
Comment Letter, Resource Map
Waivers of Consequential Damages