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ConsensusDocs Makes Best Practice Bond Forms Free
July 21, 2015
Contact: Carrie Ciliberto
FOR IMMEDIATE RELEASE
WASHINGTON – Today, the ConsensusDocs Coalition is making all of its standard construction bond forms free. ConsensusDocs publishes performance, payment, and bid bond forms for the construction industry. These forms offer more specific choices including subcontractor performance and payment bonds, design-build bonds, and warranty bonds. ConsensusDocs produces the only bond forms specific to design-build that provide an option to cover design liability. ConsensusDocs bond forms are the only industry standard forms written and endorsed by 40+ industry associations, and the only ones available for free to the design and construction community.
“The importance of bond forms is often overlooked. Fair and balanced bonds can facilitate maximum competition, limit contingencies, and help ensure project viability,” states Joanne Brooks, Vice President & Counsel at The Surety & Fidelity Association of America (SFAA), a member of the ConsensusDocs Coalition. “Providing complimentary access to the ConsensusDocs industry-standard bond forms will help all project participants.”
“Fair bond forms, like those issued by ConsensusDocs, are necessary ingredients in achieving a balanced apportionment of construction risks,” states Mark McCallum, CEO of the National Association of Surety Bond Producers (NASBP). “Bond forms containing onerous terms subvert the ability of project owners to realize maximum competition for contracts, even precluding small and disadvantaged firms from the ability to seek contract awards. NASBP applauds the decision to make ConsensusDocs bond forms available at no charge, aptly demonstrating ConsensusDocs’ adherence to its mission to improve the industry through dissemination of fair standardized forms.”
For more information and to order your subscription today, visit ConsensusDocs.org.