ISTOCK.COM/ALISSARUT By Richard Reizen and Patrick Johnson of Gould & Ratner LLP In the iconic scene from the classic movie Cool Hand Luke, the role played by character actor Strother Martin famously complains to the character played by Paul Newman: “What we’ve got here, is failure to communicate.” Just like the consequences faced by Newman’s character for that failure, the consequences ...

The first step toward security is assessment of compliance and vulnerabilities.

2022-2023 NASBP President Nick Newton will focus on implementation of technology, analysis of effects of mergers, and recruitment of new talent.

A NASBP State of the Surety Industry Survey Summary Report

Bond producers should always timely advise the surety of circumstances that might give rise to a claim as well as consult with the surety before making commitments that might impair the surety’s ability to administer a prospective claim.

ISTOCK.COM/MASTERSERGEANT Surety professionals need an amazingly diverse skillset. First, they need financial and accounting skills; experts can teach those number skills. Less dependent on rote learning are “people skills”—intangibles that successful professionals rely on daily in serving clients and stakeholders. In such a relationship-based industry, those people skills are essential. Producers and their colleagues must forge connections and build trust ...

ISTOCK.COM/IVELINRADKOV By Jacqueline Greenberg Vogt Public construction projects almost always require surety bonds. As a type of insurance, bonds protect the government if the wheels come off a project, or the contractor absconds with the funds. Indeed, bonding has been mandatory on federal public works projects since 1894, with the passage of the Heard Act, which was superseded in 1935 ...

ISTOCK.COM/NADIA_BORMOTOVA By Matthew Feinberg Members of the government contracting community are familiar with the contracting opportunities offered specifically to small and disadvantaged businesses through the U.S. Small Business Administration’s (SBA) 8(a) Business Development, Mentor-Protégé, and various set-aside programs (such as those available for service-disabled veteran-owned small businesses (SDVOSB) or women-owned small businesses). The availability of small business and other set-aside ...

ISTOCK.COM/PATPITCHAYA By Elliot Scharfenberg It borders on the cliché to begin an article by musing that suretyship is among the most ancient contracts known to law and that undertaking a suretyship contract has been fraught with risk ever since its inception. While this is undeniably true, I assume that everyone reading this article is no stranger to these well-trodden platitudes. ...

Sureties with superior technological capabilities will gain advantages over competitors.