Surety didn't miss beat taking over Ohio fire station project | Man charged in fraud claimed principal funds were bonded by sureties | Legal experts: Texas city should have called contractor's bond
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March 13, 2019
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Industry News
Surety didn't miss beat taking over Ohio fire station project
A surety took over an Ohio city's $3.9 million fire station project after the contractor voluntarily defaulted. The surety company kept most of the original subcontractors on the project.
ThisWeek Community News (Lewis Center, Ohio) (3/6),  Lancaster Eagle-Gazette (Ohio) (3/9),  Chillicothe Gazette (Ohio) (3/8) 
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Man charged in fraud claimed principal funds were bonded by sureties
Man charged in fraud claimed principal funds were bonded by sureties
(Pixabay)
A convicted felon charged with defrauding investors of $3.6 million claimed principal funds were protected by surety bonds. At least one of the companies he claimed provided bonds said it did not have a business relationship with him.
Miami Herald (tiered subscription model) (3/8) 
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Legal experts: Texas city should have called contractor's bond
The city of Palestine, Texas, is on the hook for a $500,000 judgment for work done by a contractor on a road project. Despite problems on the project, the city agreed not to call the contractor's bond as long as it finished the project, but legal experts said it should have done so.
Palestine (Texas) Herald-Press (3/5) 
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Risk & Compliance
Untimely assertion of claim by contractor can be costly
Contractors and their sureties should be sure to make timely notice and assertion of claims to avoid legal complications, an attorney writes. An Ohio court ruled against a surety involved in a university project because it did not submit a formal claim within 10 days as required by its principal's contract.
Lexology (free registration) (3/5) 
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Opinion: Contractors need to consider climate change
Opinion: Contractors need to consider climate change
(Pixabay)
The construction industry is particularly vulnerable to climate change, as contractors have relatively low profit margins and could find that projects become unprofitable when too many weather-related delays and setbacks occur, says Raken co-founder Sergey Sundukovskiy. Some contractors are using technology to track labor, materials, and equipment as a way to quantify the effects of climate change on costs, while others are including contract stipulation to shift risk to other parties or are avoiding multi-year projects that could be delayed by adverse weather, Sundukovskiy says.
ForConstructionPros (3/7) 
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Association News
March 20 NASBP Virtual Seminar: ASC 606, Revenue From Contracts With Customers--Impact On The Contractors' Financial Statements
March 20 NASBP Virtual Seminar: ASC 606, Revenue From Contracts With Customers--Impact On The Contractors' Financial Statements
(NASBP)
Learn what surety professionals and their contractor clients need to know about the FASB revised revenue recognition standard by looking at the new guidance given in the ASC 606. During this NASBP Virtual Seminar,  presenters Julian M. Xavier and Teresa Arrighi-Campbell of CliftonLarsonAllen will examine the impact of the standard on financial statements and footnotes, outline presentation and disclosure requirements, and describe a five-step process to revenue recognition in light of the ASC 606, with real-life examples. This evolving topic presents an exciting opportunity for you to host this NASBP Virtual Seminar for your construction clients or to share the information on how they too can register to participate in this live or recorded Virtual Seminar.  This Virtual Seminar is sponsored by Old Republic Surety.
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NASBP Blog: Scam Techniques Increasing
The end of winter marks the beginning of the push for scam techniques. Scammers are targeting organizations large and small, as well as individuals, attempting to steal money and/or information. Karl Kispert, Principal of Cyber & Information Security at the CPA firm of Grassi & Co., describes common scams that are being reported around the world. Read more.
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Time is running out -- final deadline for NASBP membership dues payment is April 1
Be sure you continue to receive the many benefits of your NASBP membership. NASBP would like to remind you that, according to NASBP bylaws, if you haven't paid your membership dues, your membership will terminate automatically 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 14). Only those who are in good standing and who have paid their 2019 membership dues can attend the NASBP Annual Meeting & Expo. We urge you to pay your membership dues before your NASBP benefits are terminated April 1. If you have any questions or concerns, contact Dasha Harris at 240.200.1282 or dharris@nasbp.org.
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Trends & Technology
Expert: Blockchain can improve productivity, connectivity on the jobsite
Expert: Blockchain can improve productivity, connectivity on the jobsite
(Pixabay)
Blockchain can create a unified ledger system for all contractors on a specific project, making it easier to assign tasks and initiate payment, which improves productivity. The technology can also be used to improve supply chain management and notify everyone involved when a change is made to a building plan, an insurance executive writes.
Construction Executive magazine online (3/7) 
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Opinion Poll
Are your construction clients familiar with the new guidance given in the ASC 606 with regard to revenue recognition in financial statements?
No  50.00%
Yes  35.71%
Not sure  14.29%
Are you familiar with blockchain and its attributes?   
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Kristen Maurer,
co-founder and president of Mission K9

March 13 is National K9 Veterans Day

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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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