ConsensusDocs standard documents are the only forms available to sureties that draw on expertise of a broad cross–section of stakeholders, including NASBP and 40 other leading industry endorsing organizations. NASBP helped establish the ConsensusDocs Coalition in 2007. The revisions encompass performance and payment bonds in the 200 series for general contracting, the 400 design-build series, and the 700 series for subcontractors. Notably, a self–help provision in the 706 Subcontractors Performance Bond form empowers general contractors to… Click here to read more.
The original version of this article was published in the fall 2020 NASBP Surety Bond Quarterly magazine. Sign up to receive the free magazine at www.nasbp.org/nasbpmagazine.