On behalf of the National Association of Surety Bond Producers (NASBP), a national trade association of surety bond producers, including licensed resident and nonresident producers placing bid, performance, and payment bonds in the State of California and all other jurisdictions, I am contacting you regarding concerns about the extended limitations period of the contract bonds to ten years, as set forth in the Contract General Conditions for Job Order Contracts (revised July 2013) for San Diego State University (SDSU) projects. Such information recently has come to our attention, prompting us to express our concerns to you about the substantial impact that extended bond limitation periods have on the construction and surety communities and the difficulties they pose from an underwriting standpoint.
Join Us
Read NASBP’s Comments on Bonding Standards for San Diego State
Members only content
NASBP opposes IL HB 5042 to raise the threshold to $10M for IL DOT and $5M for state/local contracts