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 in the State of Connecticut and all other jurisdictions.
We recently received information from some of our members that the UCONN Putnam Refectory Renovation Project #901820 (Project) seeks to impose onerous liquidated damages requirements on subcontractors, which has had–and was certain to have–a stifling effect on subcontractor competition for the Project. Certainly, such excessive liquidated damages provision will sabotage and subvert any goal of minority business participation on the Project.
NASBP Letter Addressing Locality Requirements in VA Bid Bond