January 19, 2022
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Leading News
Measures of nonresidential construction projects in planning and monthly construction starts show how 2021 was an up-and-down year for the construction industry, with a recovery from the coronavirus pandemic not occurring as quickly as expected, a construction analytics executive writes. "The data continues to anticipate a healthy level of construction in 2022," but higher material prices, workforce challenges and other challenges from 2021 will persist, the executive writes.
Full Story: Dodge Data & Analytics (1/13) 
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Construction group urges lumber tariff reconsideration
A construction trade association has asked the White House to rethink its intent to double tariffs on Canadian softwood lumber. Construction material prices increased almost 20% last year, and additional increases would threaten the construction industry's prospects this year, the association's CEO said.
Full Story: Construction Dive (1/14) 
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Planning, the Pandemic and Price Increases
It's been a topsy-turvy period for contractors, but one thing I stressed back in November of 2020 hasn't changed: Project managers need to have a backup plan. Read more.
Industry News
The Colorado Oil and Gas Conservation Commission is set to conduct hearings on financial assurance rules for low-producing oil and gas wells in the state amid concerns that such wells are likely to be "orphaned." NASBP has submitted comments in July and January on the proposed financial assurance rules.
Full Story: The Colorado Sun (Denver) (1/19) 
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Contractors will want to pay close attention to supplementary conditions in the revised Canadian Stipulated Price Contract, an attorney writes. Any contract documents with a standard set of supplementary conditions require an update and might need to be replaced with completely new ones, the attorney writes.
Full Story: Mondaq (free registration)/McLennan Ross (1/11) 
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Risk & Compliance
Subcontractors that are unpaid on federal construction contracts tend to include federal Prompt Payment Act violations as a private cause of action against prime contractors, an attorney writes. However, courts typically dismiss such claims, she writes.
Full Story: JD Supra/Weitz Morgan (1/17) 
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Association News
NASBP Blog: Surety industry launches Contractor Bonding Education & Mentoring Program
NASBP Blog: Surety industry launches Contractor Bonding Education & Mentoring Program
NASBP and SFAA recently developed and launched the surety industry's new Contractor Bonding Education & Mentoring Program. This free program helps small, new, emerging, minority-owned and other disadvantaged contractors learn how to qualify for construction surety bonds. This NASBP Blog post offers a look at the components of the course, which include a set of eLearning modules available 24/7 and an optional mentoring program. Share the information about the free Contractor Bonding Education & Mentoring Program with colleagues and clients and consider including a link to the course in presentations to small and emerging contractors. Read more.
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Jan. 26 NASBP Virtual Seminar breaks down the recently enacted Wage Theft Act
Jan. 26 NASBP Virtual Seminar breaks down the recently enacted Wage Theft Act
Begg, left, and Barrett (NASBP)
Don't miss the next NASBP Virtual Seminar at 2 p.m. Eastern on Wednesday, Jan. 26. "The Wage Theft Act -- What Contractors Need to Know Now" features Levi Barrett and Gregory Begg of NASBP Attorney Advisory Council Firm Peckar & Abramson sharing important information on the recently enacted Construction Industry Wage Theft Act, which went into effect on Jan. 4. This law imposes strict liability upon a contractor for the violations of its subcontractors for wage and benefit underpayments, misclassification of employees as independent contractors, and penalties for failure to provide appropriate wage notices at the time of hire and with each paycheck. Register for this stand-alone NASBP Virtual Seminar or register for the NASBP 2022 Virtual Seminar Annual Subscription, the entire set of Virtual Seminars for 2022 including access to the complete library of Virtual Seminars, and save! This Virtual Seminar is sponsored by Old Republic Surety. Register.
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NASBP is looking for future leaders: Open enrollment for the NASBP 5-15 Leadership Committee
NASBP is looking for future leaders: Open enrollment for the NASBP 5-15 Leadership Committee
NASBP's 5-15 Leadership Committee was created to provide opportunities for high-potential surety professionals with five to 15 years of surety producer experience to prepare for senior leadership positions within the NASBP Association and their organizations. NASBP is currently taking applications for the 2022 candidate class of the 5-15 Leadership Committee. Nomination forms will be accepted only from Jan. 1 until the NASBP 2022 Annual Meeting & Expo, May 1 to 4. Don't miss this opportunity to get engaged in this producer young leaders' group that provides countless opportunities for success in your surety career and curates future leaders of the association. Interested in learning more? Listen to NASBP podcast "Let's Get Surety" episode 36, "Lean into Leadership: Talking Surety with the 5-15 -- Part 1," to hear from the current and a former committee chair as they discuss the benefits of participating in the 5-15 Leadership Committee. Visit the 5-15 Leadership Committee website for more details and to download the nomination form.
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Trends & Technology
Better collection and utilization of data and greater use of digital visualization are among the rising trends in construction technology that are likely this year. The pandemic has increased the pace of adoption of these and other technologies and brought greater recognition of their value.
Full Story: Construction Dive (1/12) 
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Opinion Poll
Is the surety industry being sufficiently flexible amid contractors' struggles with material prices and labor shortages?
Yes, very
Yes, somewhat
Not sure
Is the adoption of construction technology likely to increase at an even faster pace in 2022?
VoteYes, significantly
VoteYes, somewhat
VoteNot sure
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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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Phone: 240-200-1270
Fax: 240-200-1295

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