SB 399—Section 21-V:13 Contract Performance and Payment Bonds

On behalf of the National Association of Surety Bond Producers (NASBP), a national trade association of firms employing professional surety bond producers licensed and conducting business in New Hampshire and throughout the northeast, we would like to commend the Committee for advancing legislation that sets forth an alternative construction delivery method, thus establishing Public-Private Partnership (P3) agreements. Currently, 33 states have enacted legislation permitting P3 agreements, according to the National Conference of State Legislatures. Six states in particular, including Maine (please refer to attached chart for more information), have specifically referenced their State Little Miller Act, requiring payment and performance bonds at 100% of the construction portion of the P3 agreement.

Read more…