UK group: Contractor's demise leaves thousands of small subs unpaid | Economist: Nonresidential construction in Nov. sharply reversed trends | Report: Federal bid protests keep rising, but percentage remains small
January 17, 2018
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Targeted news for surety, construction, and allied professionals
One of the UK's largest construction firms went into liquidation this week as it faces $3 billion in debt and pension liabilities amid a decline in new business. The head of a UK engineering contractors association estimates that the company owes more than $1.6 billion to thousands of small subcontractors.
November saw a construction spending increase of 0.8% overall, but many areas of nonresidential construction experienced declines, an analysis found. The November data showed spending on public projects increasing while spending on private projects decreased, which an economist said was a sharp reversal of previous trends.
A judge in Utah has ordered a man to remediate and restore the land on which he operates a motocross track and to post a $683,046 performance bond in addition to paying civil penalties. The landowner is appealing the ruling and said he isn't planning to pay anything.
Virginia and Oregon passed laws last year adding surety bond requirements for licensing of contractors. The Virginia law lets contractors post surety bonds in lieu of meeting net worth requirements, while the Oregon law mandates surety bonds of $30,000 for all contractors and subcontractors working on public works projects worth more than $100,000.
Jan. 23 NASBP Virtual Seminar: "Accounting Terminology for Non-Accountants"
Join us at 2 p.m. Eastern on Tuesday, Jan. 23, for the NASBP Virtual Seminar ""Accounting Terminology for Non-Accountants," presented by David Rogiers, senior manager in the Assurance Services Department of the accounting firm of Berntson Porter & Co. in Bellevue, Wash. Rogiers will focus on fundamental accounting concepts and terminology and address the basic components of a financial statement. In addition, he will explain how to identify the basis of the accounting method used and describe the core differences between compiled, reviewed and audited financial statements. Rogiers oversees financial statement engagements for construction/real estate clients and manufacturers and distributors, as well as personal financials for high-net-worth individuals. Consider inviting clients to join your staff in participating in this Virtual Seminar. Register.
NASBP Blog: US Rep. Nydia Margarita Velazquez: Giving a voice to small-business owners
In the 25 years that US Rep. Nydia Margarita Velazquez, D-N.Y., has served in Congress, her priority has always been to ensure that small-business owners and hardworking Americans have a fair shot at the American dream. As a ranking member of the House Committee on Small Business, Velazquez's work involves advocating for America's 30 million small businesses at the federal level. Read more.
Space is filling up fast, but there is still time to register for NASBP Winter Surety School
Would you like to attend the NASBP William J. Angell Surety School, but you aren't sure you're ready for Level II? Register for Level I instead! Registration is still open for the NASBP Winter Surety School in Sugar Land, Texas. Level I will take place Jan. 28 to Jan. 31. This course will provide participants with an overview of the surety industry, introductory financial statement analysis, work-in-process concepts and application, surety credit information-gathering techniques, submissions to surety companies, review of regularly encountered surety documents and bond forms, commercial surety, and an introduction to claims handling concepts. Don't just take our word for it, view a video of a Level I graduate describing his experience at the NASBP Surety School. Don't miss your chance to start 2018 on the right foot. Register.
Artificial intelligence could improve project management for construction companies and lead to more accurate predictions of project success, experts say. Resource management and estimations of projects' likelihood of success are among the areas where AI could have the biggest effects, according to experts.
It is not because men's desires are strong that they act ill; it is because their consciences are weak.
John Stuart Mill, philosopher and political economist
Founded in 1942, NASBP is the association of and resource for surety bond producers and allied professionals. NASBP producers specialize in providing surety bonds for construction contracts and other purposes to companies and individuals needing the assurance offered by surety bonds.
National Association of Surety Bond Producers
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Washington, DC 20036