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February 28, 2013
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Targeted news for the surety professional

  Industry News 
  • Bill would require transparency for individual-surety assets
    A bill proposed by Rep. Richard Hanna, R-N.Y., aims to help ensure that the assets pledged by individual sureties actually have value, according to this editorial. "Being able to see clearly the asset backing a bond will allow contractors and federal contracting officers to know the guarantees promised on paper are backed by honest companies pledging real assets," the editorial concludes. Engineering News-Record (3/4) LinkedInFacebookTwitterEmail this Story
 
  • Maine city clarifies bond requirement for recycling center
    The City Council of Lewiston, Maine, has granted a contractor additional time to construct an automated recycling facility after the company expressed concern that the permitting process might delay the work. The city also clarified language in the project agreement to ensure that it could recover the performance bond without having to take the contractor to court in case the firm defaults. Sun Journal (Lewiston, Maine) (2/20) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy Update 
  • Security in Bonding Act of 2013 is introduced in the House
    The Security in Bonding Act of 2013, filed by Rep. Richard Hanna, R-N.Y., would tighten the rules for noncorporate sureties. One of the bill's other provisions aims to help more small companies get bonded. "The Security in Bonding Act will protect the construction industry from bad practices that hurt their bottom line and hinder their ability to grow and create jobs," Hanna said. NASBP supports the provisions of the 2013 Security in Bonding Act, H.R. 776, as it supported the 2012 Security in Bonding Act, H.R. 3534, in the last Congress. WBNG-TV (Johnson City, N.Y.) (2/20) LinkedInFacebookTwitterEmail this Story
  • Other News
  NASBP News 
  • NASBP's new online Contract Surety Fundamentals course approved
    for CE in all states

    NASBP's newest online course, Contract Surety Fundamentals, has been approved for continuing education (CE) credit in all states and the District of Columbia. The self-paced course, written by leading surety professionals and industry experts, provides a comprehensive introduction to contract surety and offers new surety professionals the fundamental principles of contract surety they must know. The course topics are: Overview of the Construction Industry, What Is Surety?, What the Surety Looks for in a Contractor, Miscellaneous Bonds, Construction Procurement and the Roles of Those Involved, Bond Claims, Other Services of a Surety, Special Concerns of Sureties, Popular Misconceptions, and the Role of the Professional Surety Bond Producer. Contract Surety Fundamentals is available on the NASBP website through the state-of-the-art WebCE training platform. Visit NASBP.org for more information and to find out the number of credits each state has approved for the course. Register now. LinkedInFacebookTwitterEmail this Story
  • NASBP March 5 Virtual Seminar: "Contractual Risk Allocation Provisions: It's Not My Fault, But Is It My Responsibility?"
    Join us from 2 to 3 p.m. Eastern time Tuesday for the NASBP Virtual Seminar "Contractual Risk Allocation Provisions: It's Not My Fault, But Is It My Responsibility?" Risk-shifting provisions in construction contracts have the potential of adding substantial additional costs to a contractor's performance. Attorneys Rolly Chambers and Gene Rash, partners in the law firm of Smith, Currie & Hancock of Charlotte, N.C., will review key contractual risk-allocation provisions and risk-mitigation practices that surety professionals frequently must help their construction clients understand. In addition, Chambers and Rash will address why differing site conditions provisions are needed, delay issues and no-damage-for-delay provisions, contractual indemnity clauses, design review provisions, the Spearin Doctrine and green warranties. Consider inviting your clients to join you at your office for this Virtual Seminar. Registration for each Virtual Seminar is $69 per site. Register now. LinkedInFacebookTwitterEmail this Story
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  Market Trends 
  • Key challenges that will face the next SBA chief
    The next chief of the Small Business Administration will face a still-tight lending market, potential budget cuts and the need to ensure that small businesses know about the services the agency offers. "One of the most important things we hear is the SBA needs to be ubiquitous," said Karen Mills, the agency's outgoing leader. "We do all these things, but people still don't know." Bloomberg Businessweek (2/25), Entrepreneur online (2/22) LinkedInFacebookTwitterEmail this Story
  • Other News
  SmartQuote 
The first human who hurled an insult instead of a stone was the founder of civilization."
--Sigmund Freud,
Austrian physician and founder of psychoanalysis


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Contact NASBP
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
www.nasbp.org
 
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. NASBP producers engage in contract and commercial surety production throughout the United States, Puerto Rico, Guam, and a number of countries. They have broad knowledge of the surety marketplace and the business strategies and underwriting differences among surety companies. As trusted advisors, professional surety bond producers act in many key roles to position their clients to meet the underwriting requirements for surety credit.
 
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