Surety Bond Quarterly - Summer 2017 - 24

AIA
CONTRACT

2017

Feature

DOCUMENTS:

Selected Key Changes

BY KENNETH W. COBLEIGH

THE AMERICAN INSTITUTE of Architects (AIA) has published construction industry standard form
agreements since 1888. AIA Contract
Documents have long been viewed
as the industry standard, reflecting
current industry practices and fairly
balancing the risks and responsibilities of all project participants. In order
to ensure that these documents stay

24

current, the AIA reviews and revises
its project delivery "families" of documents on a 10-year cycle. In 2017 the
AIA released updated versions of its
flagship A201 family of documents
developed for the design-bid-build
delivery model. Revisions made to
the A201 General Conditions of the
Contract for Construction, and its
related owner-contractor, subcontract, owner-architect, and consultant agreements will be of interest
to all project participants. This article
identifies and discusses several of the
key revisions.
New Insurance and
Bonds Exhibit
The single most significant 2017
revision to the A201 Family is the
creation of an Insurance and Bonds
Exhibit to accompany the key
owner-contractor agreements. The
new exhibit allows the parties to
develop specific insurance requirements for any particular project. For
basic insurance and bond coverage,

SURETY BOND QUARTERLY | SUMMER 2017

similar to that established in the
2007 AIA Contract Documents, the
parties need only insert claims and
policy limits for certain basic coverages, and the penal sum for required
bonds. However, the new exhibit
also prompts the parties to consider
additional insurance coverages that
might be warranted, depending on
the nature of the project and particular risks that might be encountered.
The exhibit can be easily transmitted to each party's insurance and
bond advisor(s) or broker(s) for
evaluation and completion. Of significance is the new requirement that
all insurance and bonds obtained
for the project be purchased from
companies lawfully authorized to
issue insurance or surety bonds in
the jurisdiction where the project is
located. This requirement, added
at the suggestion of representatives from the National Association
of Surety Bond Producers, helps
ensure that the project insurance
policies and bonds are backed by



Table of Contents for the Digital Edition of Surety Bond Quarterly - Summer 2017

NASBP Upcoming Meetings & Events
2017–2018 Executive Committee
From the CEO: Bringing Summer Heat: A Rundown of “Hot” Stuff in the Evolving World Surrounding Surety
Howard Cowan—Building on a Solid Foundation
Mitigating the Hidden Risks in the “New Normal” Construction Environment
Acting Director of the U.S. SBA Office of Surety Guarantees
Drones Take Flight in the Construction Industry
2017 AIA Contract Documents: Selected Key Changes
NASBP to Release Continuing Education Course: Joint Ventures in Construction
How Can Construction Contractors Expedite Payment on Federal Contracts?
Insurtech for Surety: The Future Is Closer than You Think!
Index to Advertisers
Surety Bond Quarterly - Summer 2017 - Intro
Surety Bond Quarterly - Summer 2017 - cover1
Surety Bond Quarterly - Summer 2017 - cover2
Surety Bond Quarterly - Summer 2017 - 3
Surety Bond Quarterly - Summer 2017 - 4
Surety Bond Quarterly - Summer 2017 - 5
Surety Bond Quarterly - Summer 2017 - 6
Surety Bond Quarterly - Summer 2017 - 2017–2018 Executive Committee
Surety Bond Quarterly - Summer 2017 - 8
Surety Bond Quarterly - Summer 2017 - From the CEO: Bringing Summer Heat: A Rundown of “Hot” Stuff in the Evolving World Surrounding Surety
Surety Bond Quarterly - Summer 2017 - Howard Cowan—Building on a Solid Foundation
Surety Bond Quarterly - Summer 2017 - 11
Surety Bond Quarterly - Summer 2017 - Mitigating the Hidden Risks in the “New Normal” Construction Environment
Surety Bond Quarterly - Summer 2017 - 13
Surety Bond Quarterly - Summer 2017 - 14
Surety Bond Quarterly - Summer 2017 - 15
Surety Bond Quarterly - Summer 2017 - 16
Surety Bond Quarterly - Summer 2017 - 17
Surety Bond Quarterly - Summer 2017 - 18
Surety Bond Quarterly - Summer 2017 - 19
Surety Bond Quarterly - Summer 2017 - Acting Director of the U.S. SBA Office of Surety Guarantees
Surety Bond Quarterly - Summer 2017 - 21
Surety Bond Quarterly - Summer 2017 - Drones Take Flight in the Construction Industry
Surety Bond Quarterly - Summer 2017 - 23
Surety Bond Quarterly - Summer 2017 - 2017 AIA Contract Documents: Selected Key Changes
Surety Bond Quarterly - Summer 2017 - 25
Surety Bond Quarterly - Summer 2017 - 26
Surety Bond Quarterly - Summer 2017 - NASBP to Release Continuing Education Course: Joint Ventures in Construction
Surety Bond Quarterly - Summer 2017 - How Can Construction Contractors Expedite Payment on Federal Contracts?
Surety Bond Quarterly - Summer 2017 - 29
Surety Bond Quarterly - Summer 2017 - 30
Surety Bond Quarterly - Summer 2017 - 31
Surety Bond Quarterly - Summer 2017 - Insurtech for Surety: The Future Is Closer than You Think!
Surety Bond Quarterly - Summer 2017 - 33
Surety Bond Quarterly - Summer 2017 - Index to Advertisers
Surety Bond Quarterly - Summer 2017 - cover3
Surety Bond Quarterly - Summer 2017 - cover4
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