ConsensusDocs Coalition is publishing eight newly revised Performance and Payment Bond Forms
Tthe ConsensusDocs Coalition is publishing eight newly revised performance and payment bond forms. Today’s comprehensive revisions further ensures that ConsensusDocs the most up-to-date and best practice performance and payment bonds in the industry.
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.”
Significantly, the ConsensusDocs 706 Subcontractor Performance Bond now provides a self-help provision, which is not included other standard bond forms. Also include are more definitive time requirements regarding the Surety’s time period to investigate and respond in a timely fashion. In addition, the performance bonds now require a definitive declaration of default or non-default upon its investigation. The payment bonds now address a threshold for which a surety consent is required when contract orders increase the contract amount.
“The ConsensusDocs performance and bond are well used and provide an industry-endorsed alternative to the American Institute of Architects (AIA) A312 which was last updated a decade ago in 2010,” comments Brian Perlberg, ConsensusDocs Executive Director. ConsensusDocs is the only bond forms that including four different versions of design-build performance and payment bonds that address issues of potential surety design liability.
ConsensusDocs are the only contracts endorsed by 41 leading design and construction industry organizations. With a catalog of 100+ contract documents addressing all methods of project delivery, ConsensusDocs incorporates fair risk allocation and best practices to represent the projects best interests. Coalition members represent design professionals, owners, contractors, subcontractors and sureties (DOCS). For more information, please visit www.consensusdocs.org or email firstname.lastname@example.org.