San Francisco surety bond producer elected 2020-2021 NASBP president | 5 tips for subs to preserve claims on Miller Act bonds | Owners should review bond provisions before suspending, terminating projects
June 17, 2020
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Subcontractors looking to preserve their right to recover payment via the Miller Act should keep track of pertinent deadlines, review the terms of the payment bond, compile the necessary evidence, send a pre-suit notice and ensure the claim is filed in the correct jurisdiction, an attorney writes.
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
Project owners need to review their bond provisions regarding additional notice before they suspend or terminate work, two attorneys write. Pitfalls that owners might face include insufficient notice, repeated delays or suspensions, claims that terminations were made in bad faith, and downstream costs, the attorneys write.
Business owners who were approved for Paycheck Protection Program loans need to prepare now to defend against a review, audit or False Claims Act investigation, attorneys write. Issues include uncertainty over eligibility and loan forgiveness, as well as scrutiny of borrower certifications, they write.
The country's economic recovery still faces obstacles as coronavirus-related shutdowns are being lifted, and construction contractors need to examine whether their contracts allow force majeure clauses to be invoked in the current environment, four attorneys write. They offer considerations and best practices for drafting force majeure notices.
NASBP Blog: PPP loan applications must be approved by June 30, 2020, and other program updates
June 30, 2020, remains the last date on which a Paycheck Protection Program (PPP) loan application can be approved. That and other deadlines related to the PPP were included in the Paycheck Protection Program Flexibility Act (PPPFA), which was signed into law on June 5. The law states that the forgiveness period has been extended from eight weeks to 24 weeks and the maturity date for new PPP loans was extended to five years. In this blog, a group of attorneys from Neal Gerber Eisenberg LLP give an overview of these deadlines and others provided in the PPP Flexibility Act. If you or your clients are still considering applying for a PPP loan, you can find information at the US Small Business Administration website. Read the entire blog. NASBP Blogs offer an abundance of information for you and your clients. Check them out.
New NASBP Surety Story video! Hospital administrator shares why surety bonds are essential
In the most recent NASBP Surety Story, John Sutika, a medical facility administrator, shares his thoughts on why surety bonds are crucial safety nets for construction projects undertaken by a large regional medical center, which is on track to become a trauma center. Surety bonds offer vital assurances that construction obligations will be completed, ensuring that needed facilities can provide communities with local critical care. See this and other Surety Stories at the Be Guaranteed to Succeed website, where you will also find tools and information for producers, owners and contractors.
June 24 NASBP Virtual Seminar -- Just What the Doctor Ordered: An Overview of Surety Bonds Prescribed in the Healthcare Industry
From left: Amstutz, McElligott and Retusnic (NASBP)
Contractors can use technology to manage their employees and job sites in a cost-effective manner as projects reopen amid the coronavirus pandemic, a sales expert writes. He recommends solutions including cloud-based software, remote project management and mobile options.
Juliette Gordon Low, founder of Girl Scouts of the USA
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.