Association's guide for contractors addresses today's contract surety bonding process

10/19/2011 | SmartBrief/SmartBlog on Finance

The increased use of credit scoring and collateral in underwriting, as well as an evolving legal environment and diminished surety thresholds for public works, have had an effect on surety, said NASBP member Matt Cashion, one of the principal authors of "The Basic Bond Book," which was recently revised. Nonetheless, the "three C's" of surety -- a contractor's character, credit and capacity -- have remained constant, Cashion said. The revised book offers a "peek behind the curtain" into surety for contractors and others who might think of surety bonding only as "something on a checklist of required items to obtain in the construction process," he said.

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