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January 17, 2013
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Targeted news for the surety professional

  Industry News 
  • Sureties work to finish Texas projects; contractor looks to sell assets
    A contractor that has defaulted on construction projects and filed for bankruptcy protection is trying to sell some of its assets, and surety companies are working to ensure the completion of the projects in question. The contractor had been involved with more than 20 projects throughout Texas. "The surety companies are on schedule to restart work on these projects in a phased approach starting in January and February," according to a spokeswoman for the Texas Department of Transportation. Valley Morning Star (Harlingen, Texas) (1/12) LinkedInFacebookTwitterEmail this Story
  • U.S., Canada alter rules to make importing easier
    The U.S. and Canada are aiming to ease the transport of goods across their border by allowing more valuable merchandise to qualify for "informal entry." Previously, goods worth more than $2,000 were subject to rules that included surety bonds and import forms when they entered the U.S. That threshold has now been raised to $2,500. Watertown Daily Times (N.Y.) (1/11) LinkedInFacebookTwitterEmail this Story
  • Texas city requires homebuilders to obtain a $25,000 bond
    Updated homebuilding standards approved for Cibolo, Texas, include a requirement for homebuilders to obtain a $25,000 surety bond. The bond would cover any repairs that would be necessary in case of building-code infractions. The city began working on the new standards after homeowners complained of cracked foundations and poor construction practices. San Antonio Express-News (1/15) LinkedInFacebookTwitterEmail this Story
  • Other News
  Policy Update 
  • Law boosts federal contracting opportunities for women-owned firms
    The National Defense Authorization Act contains provisions that may help small businesses -- especially women-owned small businesses -- win government contracts. NASBP supported specific provisions of the act, which was recently signed into law by President Barack Obama. The law eliminates caps on the procurement program for women-owned companies. "More women-owned small businesses will be able to achieve larger contracts ... now that the agencies have the tools and the language they need to set aside larger contracts with women," according to one expert. (1/9) LinkedInFacebookTwitterEmail this Story
  • Other News
  NASBP News 
  • Assist small, emerging contractors by participating in DOT bonding programs held near you
    Mark your calendars for the U.S. DOT Bonding Education Programs (BEPs), scheduled already this year in January, February and March to provide owners of small and emerging businesses with guidance in securing surety credit. Ongoing and upcoming programs are scheduled in Chicago; San Antonio; Jackson, Miss.; Las Vegas; Norfolk, Va.; Dallas (Arlington, Texas); Boston; and Pueblo, Colo. These BEPs are an opportunity for NASBP members to work with individuals one-on-one at the beginning of the program workshops, which are scheduled once a week for usually six to eight consecutive weeks. View the detailed schedule at NASBP has agreed to participate for a third year in a row in the DOT BEPs that are jointly sponsored by the U.S. Transportation Department's Office of Small and Disadvantaged Business Utilization (OSDBU) and the Surety & Fidelity Association of America (SFAA). Help the surety industry assist these individuals in assembling documents for bond-readiness assessments and in initiating the steps for prequalification for contracting opportunities that require bonding. If you plan to participate, please notify the DOT representative listed in the schedule and Larry LeClair at LinkedInFacebookTwitterEmail this Story
  • Have you paid your NASBP membership dues? Final deadline is April 8
    Be sure you continue to receive the many benefits of your NASBP membership. NASBP would like to remind you that if you haven't paid your membership dues, your membership will terminate automatically for nonpayment of dues within 90 days after the date on which they are due or within two weeks of the first day of the NASBP Annual Meeting (April 21). We urge you to pay your membership dues before your NASBP benefits are terminated April 8. We know you don't want to be without NASBP's critical legislative and regulatory news about the surety product, networking access at NASBP annual and regional meetings, informative NASBP educational programs and online courses, analyses and information about surety and legal issues, NASBP Tool Kit forms, and numerous NASBP membership discounts. To review the benefits of NASBP membership and the accomplishments of NASBP in 2012, view the NASBP 2012 Highlights Year-in-Review. Don't lose your membership to the only association dedicated solely to the surety bond producer. If you have any questions or concerns, contact Dasha Brock at (202) 464-1179 or LinkedInFacebookTwitterEmail this Story
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  Market Trends 
  • Private Company Council brings new perspective to standard-setting
    The creation of the Private Company Council, which will work with the Financial Accounting Standards Board to help tailor U.S. generally accepted accounting principles for private firms, marks a "cultural change," according to the council's chairman. "The change is greater or more formal attention to the private company domain of stakeholders, emphasizing users as well as preparers and auditors," he said. The council has five meetings scheduled from February through November. Accounting Today (1/10) LinkedInFacebookTwitterEmail this Story
  • Other News
Passion, though a bad regulator, is a powerful spring."
--Ralph Waldo Emerson,
American writer

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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
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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