September 14, 2020

By: Brian Perlberg, ConsensusDocs Executive Director & Senior Counsel.

ConsensusDocs®, the industry leader in publishing the most comprehensive performance and payment bonds, has just published eight newly revised performance and payment bond forms.  The new bond forms include:

ConsensusDocs 260 Performance Bond ConsensusDocs 261Payment Bond
ConsensusDocs 470 Design-Build Performance Bond (Surety Design Liability) ConsensusDocs® 471 Design-Build Performance Bond (Surety has No Liability for Design)
ConsensusDocs 472Design-Build Payment Bond (Surety Design Liability) ConsensusDocs® 473Design-build Payment Bond (Surety has No Liability for Design)
ConsensusDocs 706 Subcontract Performance Bond 707Subcontract Payment Bond

The new bond forms require a declaration of default or non-default upon the Surety’s investigations. The new subcontract performance bond forms include a self-help provision. ConsensusDocs includes all of the bond forms in every paid subscription package, and is creating a low-cost bond forms subscription package that will give subscribers the ability to give all of your contracting parties, such as General Contractors or Subcontractor, the ability to create and finalize subcontract bonds and any performance and payment bond.   

The ConsensusDocs bond forms working group included representatives from owners, prime contractors, subcontractors and the surety industry, comments Bob Majerus, General Counsel of Hensel Phelps Construction and chair of the ConsensusDocs Bond Form Working Group. He added, “We worked together collaboratively to produce a new set of bond forms that meet the current needs of the construction and surety industries.  These new forms are now my bond forms of choice.”