Construction industry response to coronavirus may positively change workforce, supply chains | Best practices for reopening offices include review of state, local requirements | Surety execs: Contractors should seek max surety credit now, optimize fixed assets
June 24, 2020
CONNECT WITH NASBP
Targeted news for surety, construction, and allied professionals
The coronavirus pandemic creates an immediate threat that the construction industry is working to quell, but it could lead to positive changes in the longer term, an attorney writes. Contractors can focus on factors such as diversity to attract an expanded "vibrant labor pool," while efforts to broaden the base of construction inputs have contributed to a "muted impact" of supply chain disruptions, he writes.
Employers that are bringing workers back to the office amid the coronavirus pandemic need to know which requirements they must meet under state law and local ordinances, three attorneys write. They also should review their policies and make sure they are clear and in line with state and local measures and ensure they accommodate workers in cases of heightened vulnerability to the virus, the attorneys write.
Expect the Unexpected: The Importance of a Solid Continuity Plan Growing up in a family that owned an electrical contracting business, I was always surrounded by a strong work ethic and dedication to the business. While my role was focused on pulling wire, bolting on stadium light pegs in the middle of winter, and sweeping floors, the heartbeat of the company was my father. LEARN MORE
Construction contractors should take immediate steps to maximize their surety credit in light of the uncertainty caused by the coronavirus pandemic, surety executives said. Contractors also need to optimize their fixed assets, monitor cash on hand and revise their coronavirus response plans as needed, one executive said.
Having a strategic plan that offers flexibility will help construction contractors to weather the coronavirus pandemic with financial sustainability, an accountant writes. Important factors are keeping costs under control, maintaining a strong workforce and making strategic investments, he writes.
Construction contractors in Canada should comply with bond requirements to mitigate risks and avoid claims, three attorneys write. Other risk-mitigation steps include complying with notice requirements and documenting actions with regard to scheduling obligations, they write.
NASBP Blog: Preparing to defend your PPP loan from review or investigation
The Paycheck Protection Program has been a welcome relief for businesses across the country. Criteria for eligibility and certification weren't clearly defined in the beginning, leading to questions and uncertainty. In this blog, three attorneys from Hodgson Russ LLP discuss how this could lead to review by the US Small Business Administration, as well as federal investigations under the False Claims Act. The attorneys also review steps borrowers can take to mitigate these risks, including having a good understanding of the criteria available at the time the borrower applied for and took the loan, a clear documentation of the need for the loan, and other suggestions. Read more.
Mark your calendars for the free July 22 NASBP Virtual Event -- Being Present and Connecting Surety in a Virtual World
Mark your calendar for the next NASBP Virtual Event from 1 to 3 p.m. Eastern on Wednesday, July 22, which will be free for NASBP members, affiliates and associates. NASBP President Mark Munekawa and NASBP members Zach Mendelson of EPIC and Mike Specht of Insurica Southwest will kick off the event by revealing the new and updated components of the NASBP Producer Communications Toolkit, Version 2.0, which NASBP has developed for NASBP members' use. The Kit's new guidelines and social media assets will help you talk about surety in this new construction environment with project stakeholders, including owners, lenders, architects and contractors. For the second half of the Event, Keynote Speaker Scott Mann of Rooftop Leadership will deliver "Presence in Chaos," providing insight into how you can establish and build relationships with clients in these uncertain times via Zoom and other platforms and how to guide your clients to be leaders of thriving businesses. Join us July 22. If you weren't able to attend the May NASBP Virtual Event, Bonding with Bandwidth, the free recording is still available.
NASBP's podcast "Let's Get Surety" takes a closer look at individual surety
From left: Shamapande, McCallum and Perkins (NASBP)
Airport projects have faced a wide range of fates amid greatly reduced air travel during the coronavirus pandemic. A survey reveals which projects have stopped, which have slowed or shrunk, and which have continued or accelerated.
No matter where you're from, your dreams are valid.
Lupita Nyong'o, actress, writer
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.