On behalf of the National Association of Surety Bond Producers (NASBP), a national trade association representing professional surety bond producers, including licensed resident and nonresident agents doing business in Minnesota, I am contacting you concerning the surety bond requirements contained in the MnDOT Standard Specifications for Construction (“Standard Specifications”). It has come to our attention that the revised edition includes definitional changes to performance and payment bonds, which do not comport with current Minnesota law. Furthermore, the Standard Specifications include several revisions that do not comport with current surety industry practices.
Topic
Advocacy, Construction Law and Contracts, Payment Bond, Performance Bond
Publish Date
September 12, 2013
Region
Minnesota, States
Audience
Agents, Owners, Sureties
Resource Type
Comment Letter, Resource Map
NASBP Letter Addressing Locality Requirements in VA Bid Bond