ANDRII YALANSKYI By Joseph Natarelli of Marcum LLP Macroeconomic factors continue to drive change within the construction industry. In an economic environment defined by unpredictable movement and high volatility, surety professionals and their construction clients must recognize the warning signs. This article will examine the financial issues contractors are confronting, the means they are employing to navigate those changes, and the ...

MOUSSA81 By Cavan S. Boyle of Ernstrom & Dreste LLP In a case of first impression for Indiana, the state’s intermediate appellate court recently held that the common law duty of good faith recognized between insurers and insureds does not extend to a surety-obligee relationship under performance and payment bonds on construction projects.[1] The ruling resulted in the dismissal of ...

POKPAK05 By Sarah K. Carpenter of Smith, Currie & Hancock LLPOriginally published August 14, 2023 Key Takeaways The Department of Labor (“DOL”) announced its long-awaited final rule updating the Davis-Bacon and Related Acts. The new rule will have significant impacts on many industries and businesses, particularly federal construction contractors and subcontractors. Regulated parties have 60 days from publication of the final rule ...

ISTOCK.COM/TU IS Attendees at the 2023 NASBP Annual Meeting and Expo this spring had a unique opportunity to catch a glimpse into the future of the surety industry. The Institute’s RiskStream Collaborative (RSC), partnering with surety system solution providers attending the meeting, offered a state-of-the-art demonstration of a technology that enables digital bonds to be verified and authenticated on a ...

Not so fast—courts, particularly in New York, may be reluctant to enforce it.

NASBP provides the State of the Surety Industry Survey Summary Report.

What bond producers and their contractor clients should know about the Act.

Third-party consultants can reassure bond producers and sureties in uncertain situations.

ISTOCK.COM/SANFEL By A. Michelle West of Smith, Currie & Hancock LLP Parties can expect federal courts to scrutinize forum selection clauses in federal public contracts. Subject to multifactor reasonability tests and ambiguity inquiries, only the clearest clauses survive. A North Carolina federal district court declined to enforce a forum selection clause that sought to lay venue outside the state of ...

ISTOCK.COM/FILMFOTO By Michael C. Zisa and Abby B. Salinas of Peckar & Abramson, P.C. Effective May 11, 2023, the Small Business Administration (SBA) is amending various regulations governing its Capital Access loan programs, which were created to bridge the financing gap in private markets to help small businesses start and grow. Among these changes, the SBA is simplifying criteria for determining affiliation ...