Surety seeks $2M from La. oil and gas producer | Industry panel: Nonresidential construction spending to increase 4.7% | Nev. city subdivision code revision to clarify bond requirements
August 15, 2018
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Industry News
Surety seeks $2M from La. oil and gas producer
Surety seeks $2M from La. oil and gas producer
A surety company is seeking to recoup more than $2 million from a bankrupt oil and gas company. According to a lawsuit filed by the surety, the bonds had multiple claims against them.
Louisiana Record (8/11) 
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Industry panel: Nonresidential construction spending to increase 4.7%
The spending prediction for nonresidential construction this year has been revised upward to 4.7% from the 4% forecast in January, according to the American Institute of Architects' Construction Consensus Forecast. The panel of industry groups surveyed also upgraded its forecast for 2019 to 4%, from 3.9%.
CoStar Group (8/10) 
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Nev. city subdivision code revision to clarify bond requirements
Nev. city subdivision code revision to clarify bond requirements
The Planning Commission in Elko, Nev., plans to hold a public workshop on proposed updates to the city's subdivision code that should help clarify performance bond requirements. City officials say inconsistent enforcement of city codes has led to confusion among developers about performance guarantees.
Elko Daily Free Press (Nev.) (8/8) 
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Risk & Compliance
Contractors note positive effects of tax reform
The Trump administration's tax reform has improved business confidence and bolstered a healthy economy, contractors say. Some companies that have benefited from lower corporate tax rates are using their savings to buy more equipment and pay employee bonuses.
Construction Equipment Guide (8/10) 
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Leadership & Best Practices
Report: Contractors say risks they face today are not insurable
A report released this month found that contractors say many of the risks they face today are not insurable and that risk management has to evolve to keep up with changes in the industry.
ForConstructionPros (8/7) 
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Association News
NASBP acknowledged for its support of drug-free treatment for PTS
Rear Admiral H. Denny Wisely, United States Navy (retd), this month explained in a blog for American Thinker how he and NASBP have supported a drug-free treatment for post traumatic stress, a disorder from which many veterans and first responders suffer. "With the help of an old successful former Navy fighter pilot and a connection with the National Association of Surety Bond Producers, we quickly raised the quarter of a million dollars to fund the clinical trial of 30 warriors in the San Diego area," said Wisely. Since 2015, NASBP has helped raise more than $470,000 for the treatment. The Research & Recognition (R&R) Project continues to conduct successful clinical studies. To find out more about the R&R Project, visit Research & Recognition. Consider making a donation at the R&R Project and NASBP gofundme site.
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August 22 NASBP Virtual Seminar: "Tribal Sovereign Immunity -- What Surety Professionals Need To Know When Working With Native American Tribal Governments and Business Entities"
Native American tribal governments are now owners of many large and complex projects. Join NASBP this Wednesday, August 22 for this NASBP Virtual Seminar at 2 p.m. Eastern when presenters Michelle Randall, an Assistant Vice President with Zurich's Surety Risk Solutions, and Brad Espinosa, a Vice President with Zurich Surety, will describe how tribal sovereign immunity influences relationships with tribal entities that are project owners and bond principals. The presenters will explain how to ensure non-tribal customers have recourse with a tribal owner and how sureties can obtain indemnity agreements from tribal indemnitors. Randall and Espinosa also will offer practical tips for obtaining valid waivers of sovereign immunity, explain the impact of choice of law and venue, and analyze key contract terms. Register.
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Trends & Technology
Road group: Calif. to spend billions on new construction in next decade
Road group: Calif. to spend billions on new construction in next decade
The American Road & Transportation Builders Association says a law passed last year that calls for California to invest $5.4 billion per year for 10 years to fix its transportation system could create between $9.7 billion and $34.5 billion in economic activity and spur the creation of thousands of new construction jobs.
Engineering News-Record (8/7) 
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Opinion Poll
Do you support contractors' use of pay-if-paid clauses?
No  58.34%
Yes  33.33%
Not sure  8.33%
Do you agree that contractors face significant risks today that are not insurable?   
VoteNot sure
It is better to believe in men too rashly, and regret, than believe too meanly. Men could be more than they are, if they would try for it.
Mary Renault,
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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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Phone: 240-200-1270
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