AIA docs include insurance, bond provisions as exhibits to agreements | Minn. farmers: Elevator's bond inadequate to cover losses | Nev. senator: Stadium forgoes small contractors' involvement
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May 24, 2017
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AIA docs include insurance, bond provisions as exhibits to agreements
New AIA docs include insurance provisions as exhibits to agreements
(Pixabay)
One of the biggest changes to the American Institute of Architects' standardized contract forms is making insurance and bond provisions an exhibit to agreements. The change streamlines document revision if necessary, an attorney says.
Construction Dive (5/16) 
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Minn. farmers: Elevator's bond inadequate to cover losses
Farmers who sold grain to an elevator in Porter, Minn., that filed for bankruptcy in 2015 were supposed to be able to seek reimbursement through a bond the elevator had with the state. The bond, however, covers only $125,000 in losses, and the state says it has received more than $1.1 million in valid claims.
Successful Farming (5/19) 
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Nev. senator: Stadium forgoes small contractors' involvement
Construction set to begin in January of new Raiders stadium
(Ethan Miller/Getty Images)
A Nevada Senate bill is moving forward without an amendment to set requirements for outreach to small contractors working on construction of the Raiders football stadium in Las Vegas. The amendment would have clarified that companies must meet state bonding requirements to be involved, and a senator says it would have helped the state reach a 15% threshold for small-business participation.
The Nevada Independent (5/19) 
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Exec: Proper risk allocation allows P3 success
An executive of a company working on projects worldwide via public-private partnership says allocating risk appropriately is key to success. Examples of proper allocation include having a reliable revenue source, such as tolls, as well as taking advantage of synergies and avoiding duplication.
ForConstructionPros (5/22) 
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Policy Update
Commentary: Trump budget falls short on infrastructure
A long-awaited plan to provide as much as $1 trillion for enhancing infrastructure has not materialized in President Donald Trump's budget proposal, which calls for $200 billion toward infrastructure over 10 years.
The Atlantic online (5/24) 
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Association News
NASBP Blog: "Protecting your interests: Forming connections on Capitol Hill"
As NASBP celebrates its 75th Anniversary, its Government Relations team remains focused on bringing positive change for the NASBP membership. Adapting to a changing political environment has always required a strategic government relations agenda -- and NASBP continues to rise to the call. Read more.
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NASBP Legislative Fly-in features panel of legislators addressing infrastructure spending
The 2017 NASBP Legislative Fly-in will be held June 6 and 7. A roundtable panel of key policymakers will provide insight into the much-anticipated large infrastructure spending package. Join us at 8 a.m. June 7 in Cannon House Office Building, Room 121. Invited panelists include Rep. Rodney Davis, R-Ill. (confirmed), who serves on the Water Resources and Environment as well as the Highways and Transit subcommittees; Rep. Drew Ferguson, R-Ga. (confirmed), vice chairman of the Subcommittee on Economic Development, Public Buildings and Emergency Management; Rep. Alan Lowenthal, D-Calif. (confirmed), who serves on the Water Resources and Environment, the Highways and Transit, and the Coast Guard and Maritime Transportation subcommittees; and Rep. Scott Perry, R-Pa. (confirmed), who serves on Transportation and Infrastructure's Subcommittee on Aviation. Register for the Fly-in, and register for the June 1 Virtual Seminar to prepare for it. For assistance with hotel booking, contact Bethany Jones at bjones@nasbp.org.
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Plan to attend NASBP 2017 Regional Meetings
Mark your calendars and make your plans to attend the NASBP 2017 Regional Meetings. The fall NASBP Regional Meetings will kick off with the 2017 Regions 8, 9, 10 & 11 Meeting, held Sept. 10 to 12 at the Hilton Sandestin Beach Golf Resort & Spa in Miramar Beach, Fla. The 2017 Regions 4, 5, 6 & 7 Meeting will be held Sept. 21 to 23 at the Chicago Marriott Downtown Magnificent Mile. The 2017 Regions 1, 2 & 3 Meeting will be held Oct. 4 to 6 at the Stein Eriksen Lodge in Deer Valley, Utah. Be sure to note the new date pattern for the Regions 1, 2 & 3 Meeting, with the event starting and concluding a day earlier. The NASBP hotel blocks are open for reservations. Visit the NASBP website.
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Market Trends
5 risk-shifting contract clauses with potential risks, benefits to surety
Among risk-sharing clauses that might benefit a surety are no-damages-for-delay clauses, indemnification clauses, special dispute resolution procedures, performance guarantees and pay-if-paid clauses, an attorney writes. Whether such clauses benefit a surety depends on myriad factors, the attorney writes.
Lexology/Smith, Currie & Hancock (5/16) 
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Opinion Poll
Do risks exceed opportunities for contractors who expand into new locations or areas of business?
Yes -- sometimes  50.00%
Yes -- frequently  43.75%
No -- not usually  6.25%
Are P3 projects harnessing proper risk allocation to ensure success?   
VoteYes -- generally
VoteYes -- sometimes
VoteNo
VoteNot sure
  
  
When I started counting my blessings, my whole life turned around.
Willie Nelson,
singer-songwriter
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About NASBP
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.
 
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National Association of Surety Bond Producers
1140 19th Street, NW, Suite 800
Washington, DC 20036

Phone: (202) 686-3700
Fax: (202) 686-3656

info@nasbp.org
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