On behalf of the National Association of Surety Bond Producers (NASBP), a national trade association representing firms employing surety bond producers, including licensed resident and non-resident agents placing contract surety bonds in Nevada, we are very concerned about the substantial, negative impact that Senate Bill Number 108 will cause. S.B. 108 amends NRS 339.025 of the Code of Nevada, relating to public procurement; bid, performance, and payment bonds, by substantially increasing the minimum contract from $100,000 to $1 million. If S.B. 108 were enacted Nevada’s bonding threshold would the highest in the nation. In fact, it would become seven times higher than the current bonding threshold of the Federal Government.
Topic
Advocacy, Contract Surety
Publish Date
February 24, 2015
Region
Nevada, States
Audience
Agents, Owners, Sureties
Resource Type
Comment Letter, Resource Map
NASBP Letter Addressing Locality Requirements in VA Bid Bond