NASBP Supports the Proposed P3 Rule to Require Surety Bonds

On behalf of the National Association of Surety Bond Producers (NASBP), a national trade association of firms employing professional surety bond producers, including those licensed and conducting business in New Jersey, I am contacting you in support of Proposed Rule—(PRN 2019-086), pertaining to Public Private Partnerships (P3s), agreements, which requires the “general contractor, construction manager, or design-build contractor to post a performance bond to ensure the completion of the project and a payment bond guaranteeing prompt payment of moneys due in accordance with and conforming to the requirements of N.J.S.A. 2A:44-143 et seq.”

Read more…