The Related Group’s Modified AIA A312 Performance Bond

I am contacting you on behalf of the National Association of Surety Bond Producers (NASBP), a national trade association of firms employing surety bond producers, including licensed resident and nonresident producers placing bid, performance, and payment bonds on public and private projects in the State of Florida and all other jurisdictions. A NASBP member recently forwarded us a copy of the modified A3 l 2 Performance Bond (Bond) that the Related Group (Related) uses for its projects, asking our opinion if the terms of the Bond were usual and customary in the industry. We have reviewed the myriad significant revisions to the Bond, which are not usual and customary in the industry and, in addition, give NASBP great concern.

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