As I mentioned to you in my phone message, I received information that the Carolinas AGC currently is working on a legislative solution to the issue of general contractors making double payments as a result of the failure of some subcontractors to remit payments to lower-tiered subcontractors and suppliers. I also received what appears to be a copy of draft legislation amending the current North Carolina “little Miller Act.”
As you are aware, this is a topic of some complexity, requiring a careful balancing of different parties’ interests. It also is of considerable interest to the surety community. I want to offer some initial thoughts on the draft legislation that I received and to offer the assistance of the surety community, specifically the resources of the National Association of Surety Bond Producers along with those of the Surety and Fidelity Association of America and the American Insurance Association, to assist you in achieving your legislative goals in a way that will benefit your members and that will help ensure the continued competitive surety bond market in North Carolina.
NASBP Letter Addressing Locality Requirements in VA Bid Bond