Contractor that admitted role in DBE scheme is eligible for Ill. Tollway work | Hockey league application requires $100,000 performance bond or LOC | Commentary: P3s may boost Fla. convention centers' competitive edge
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June 26, 2014
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Contractor that admitted role in DBE scheme is eligible for Ill. Tollway work
A contracting firm that paid $7.5 million in fines for its participation in a hiring scheme involving disadvantaged business enterprises could be selected for a portion of the $3.4 billion Illinois Tollway project after submitting the lowest bid. "This company was not found guilty of any criminal activity, and the tollway has no legal basis by which to discard their winning bid," a tollway spokeswoman said. State law mandates that the contract go to the lowest responsible bidder. Chicago Tribune (tiered subscription model) (6/21)
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Hockey league application requires $100,000 performance bond or LOC
The president of a Massachusetts ice hockey franchise said he told the Federal Hockey League he is willing to obtain a $100,000 performance bond in order to join the league, but balked at one team owner's suggestion of a $100,000 irrevocable letter of credit. Owners of the five-team league are continuing to weigh the amount of risk they will accept by admitting the team, the league's commissioner said. The Berkshire Eagle (Pittsfield, Mass.) (6/25)
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Commentary: P3s may boost Fla. convention centers' competitive edge
South Florida's convention centers could be revitalized through public-private partnerships, which allow local governments to create bigger and better facilities at a lower cost and in a shorter time frame. Public-private partnerships in the past five years have helped improve convention center districts in major cities such as San Francisco and Washington, D.C. The National Law Review/Bilzin Sumberg Baena Price & Axelrod (6/25)
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Feds nix cap on monetary awards to women-owned firms via SBA program
Federal agencies will no longer be limited in the dollar value of awards they can make to women-owned small businesses through the Small Business Administration's business-development program. The cap has risen since the program's 2011 launch, but a final rule ending the limitation was published this week in the Federal Register. American City Business Journals/Washington, D.C./Tales From Main Street blog (6/24)
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Policy Update
Analysis: Idaho law specifies requirements for retainage provisions
The amount of retainage that may be withheld by owners and general contractors of public or private construction projects can be as much as 5% of each application for payment in Idaho, although that percentage varies among states. Lawyers suggest that contractors working outside their home state should have legal help in complying with unfamiliar retainage laws. Idaho Business Review (6/23)
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NASBP News
NASBP's new magazine aims to benefit all parties interested in bonding
Surety Bond Quarterly, NASBP's new magazine, is designed to provide information of importance to surety bond professionals as well as project owners, public officials, contractors and all others who have an interest in bonding. Read more.
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July 8 NASBP Virtual Seminar: Subcontractor Administration -- Keep Your Friends Close, But Keep Your Subcontractors Closer
Do your construction clients know how to manage an underperforming subcontractor and the steps to terminate a defaulting subcontractor? Encourage your contractor clients to join you for this informative NASBP Virtual Seminar at 2 p.m. Eastern time on July 8, when construction attorneys A.J. Manion and Bruce Stigger of Manion Stigger will explore the life of a subcontract from formation and performance through to closeout. They will explain these and other important aspects and terms of subcontract administration critical to project management and payment issues. Collectively, for over 46 years, Manion and Stigger have represented general contractors, subcontractors and design-builders. Manion has been a construction project manager and a licensed commercial contractor. Stigger is a past director for the Associated Builders & Contractors of Kentucky. Register now.
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Registration now open for September NASBP Regional Meetings
Registration is now open for the 2014 Regions 1, 2 & 3 Meeting that will be held at the Park Hyatt Beaver Creek in Avon, Colo., from Sept. 18 to 20 and the 2014 Regions 4, 5, 6 & 7 Meeting that will be held at the Westin Kierland Resort & Spa in Scottsdale, Ariz., from Sept. 25 to 27. Please visit the NASBP website for preliminary program information to book your hotel and to register with NASBP. Registration will open soon for the Regions 8, 9, 10 & 11 Meeting that will be held in November.
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NASBP SmartBrief Poll
Are the new federal standards for small-business designation set at an appropriate level?
No  38.46%
Yes  30.77%
Yes, for some industries  30.77%
Would small car washes in New York City face difficulty in meeting a $300,000 bond requirement? 
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VoteNot sure
Market Trends
Concerns over bat, endangered mussel could delay Midwest expressway
The proposed Illiana Tollway is raising concerns by the U.S. Fish and Wildlife Service regarding the potential impact on the northern long-eared bat, a threatened species, and the sheepnose mussel, which is endangered. The executive director of the Northwestern Indiana Regional Planning Commission said it's unclear whether such concerns will influence federal approval for the project. Post-Tribune (Merrillville, Ind.) (6/19)
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SmartQuote
The maxims of men reveal their characters."
-- Luc de Clapiers,
French 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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