Fraud case involves $31M intended for disadvantaged small businesses | Surety selects contractor to complete Calif. fire station | S.D. regulators want bond requirement increased for drilling project
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March 21, 2013
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Fraud case involves $31M intended for disadvantaged small businesses
Two executives have entered guilty pleas to defrauding the government in order to win $31 million in contract payments that were set aside for disadvantaged small businesses. One of the executives is accused of creating a shell company with the other executive at the helm to secure the contracts. Three other individuals also have recently pleaded guilty to fraud charges. The Washington Post (3/18)
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Surety selects contractor to complete Calif. fire station
Work has resumed on the construction of a fire station in Long Beach, Calif., but an issue with the previous contractor has yet to be resolved. The original contractor was removed from the project after missing the deadline for completion. The original contractor sued the city, and the two sides reached a settlement, but the state rejected the deal. Gazette Newspapers (Long Beach, Calif.) (3/16)
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S.D. regulators want bond requirement increased for drilling project
State regulators say a company planning to drill two test wells near Wasta, S.D., has provided no information suggesting that a significant amount of oil or gas is likely to be found. The company also submitted incomplete applications, according to officials. The company has obtained a $20,000 surety bond, but regulators want the company to also post bonds worth $130,000 per well. The Rapid City Journal (S.D.) (3/20)
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N.C. payment-bond statutes for public projects require new procedures
North Carolina recently altered its rules regarding payment bonds for public projects to avoid the issue of double payment, according to this article. New provisions include a requirement for subcontractors to "serve on the general contractor a 'Notice of Public Subcontract' in the form provided by the statute," this article says. Lexology.com (free registration) (3/12)
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Policy Update
House panels examine VA, SBA assistance for veteran-owned businesses
Rep. Richard Hanna, R-N.Y., wants the Small Business Administration and the Veterans Affairs Department to address inconsistencies that complicate the registration process for service-disabled veterans. "We have an obligation to both the taxpayers and our veteran small-business owners to ensure that these programs are efficient and transparent," he said. Hanna was scheduled to co-host a hearing before House subcommittees on the issue earlier this week. Federal Computer Week (3/18)
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NASBP News
NASBP March 29 Virtual Seminar: "NASBP Partners with DOT to Promote Bonding"
Join us from 2 to 3 p.m. Eastern time on Friday, March 29, for the complimentary Virtual Seminar "NASBP Partners with DOT to Promote Bonding." NASBP members and NASBP are assisting the U.S. Department of Transportation (DOT) Bonding Education Program (BEP) to position small, emerging contractors to obtain bonding lines and to apply that capacity to transportation-related projects. Nyime Gilchrist, Manager of the BEP of the U.S. DOT Office of Small and Disadvantaged Business Utilization (OSDBU), will provide an update on the DOT BEP successes in 2012 and efforts underway in 2013. NASBP Producers Donald W. Burden, bond manager at Zervos Group, and Patty Zenizo, president of Preferred Bonding and Insurance Services, will describe their experiences helping contractors who are participating in the program. This is the third year that NASBP has participated in the DOT BEP, which is sponsored by the DOT and the Surety & Fidelity Association of America. Visit NASBP.org to find out more about NASBP and members' participation. Though this Virtual Seminar is free, registration is required. Register now at no cost.
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Client financial tool -- CFMA Benchmarker reports available to NASBP at a discount
NASBP surety professionals who value insight into how their construction clients compare with others will be pleased to learn that they can purchase Construction Financial Management Association (CFMA) Benchmarker reports at a discounted price through April 30, 2013. The CFMA Benchmarker (www.financialbenchmarker.com) offers surety professionals an amazing online tool to help compare a construction client's financials with industry standards by providing more than 20 key financial measurements to evaluate a company's performance with other companies in the same industry segment, revenue and region. The Benchmarker helps surety professionals prepare comparative charts and graphs for presentations and to increase their knowledge of the industry's latest performance information. NASBP members, affiliates and associates should enter this code, NASBP, at the log-in screen to receive the special discounted pricing on their CFMA Financial Benchmarker reports and to save about 40% off the nonmember price. Order the CFMA Benchmarker Reports now or view a video of the CFMA Benchmarker product. Contact Fern Oram at CFMA at 609-945-2494 or foram@cfma.org for more information.
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Market Trends
Canadian 3P hospital project stirs debate
A hospital board in British Columbia, Canada, recently faced scrutiny over the decision to use public-private partnerships to construct two hospitals. A motion to delay requests for proposals, however, was defeated. Campbell River Mirror (British Columbia) (3/19)
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SmartQuote
There are some people who leave impressions not so lasting as the imprint of an oar upon the water."
-- Kate Chopin,
American writer
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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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