Surety Bond Quarterly - Summer 2017 - 9

From the CEO

Bringing Summer Heat:
A Rundown of "Hot" Stuff in the
Evolving World Surrounding Surety

THIS CONSTANCY OF
FUNDAMENTALS-
PREQUALIFICATION
AND GUARANTEES-
IN THE MIDST OF
CHANGING BUSINESS
AND POLITICAL
ENVIRONMENTS AND
EVOLVING CONTRACT
AND PROJECT RISKS
VALIDATES THE
WORTH OF SURETY
BONDS TO PROTECT
STAKEHOLDERS.

You no doubt have heard the quote
"The only thing that is constant is
change," attributed to the Greek philosopher Heraclitus, who believed in
the centrality of change to everything in
the universe. I think I can state for most
that they do not associate change with
surety bonding, but such an oversimplification ignores the fact that, although
the fundamentals of suretyship have
remained constant, the world surrounding surety certainly has changed
dramatically over time. This constancy
of fundamentals-prequalification and
guarantees-in the midst of changing
business and political environments
and evolving contract and project risks
validates the worth of surety bonds to
protect stakeholders. Suretyship has
adapted to different public needs, legal
developments, procurement systems,
project delivery methods, and a host
of other changes. Today, the paucity
of public financing, the need to pursue work through joint venturing, the
introduction of new form contracts
and bonds, technological innovations for construction and for surety
systems, just to name a few recent
developments, prove the continued
truth of Heraclitus' statement in our
contemporary times.
This summer issue of Surety Bond
Quarterly explores some of these "hot"
topics currently coursing through our
world of surety. Readers will learn
about important leaders-new NASBP
President Howard Cowan and the U.S.
SBA Office of Surety Guarantees Acting
Director Peter Gibbs-who are shaping
surety policy and practice. Significant
changes in new 2017 versions of the
American Institute of Architects' primary family of standardized construction documents, the A201 family, are

spotlighted in an article written by
Kenneth W. Cobleigh, who serves as
the Managing Director and Counsel at
the American Institutes of Architects,
overseeing the development and revision of its many standardized forms.
The march of technology continues
to impact our clients and colleagues.
Who would have imagined 10  years
ago the prevalent use of drone technology at construction sites and
the issues attendant with their use?
Jonathan  R.  Hauser and Elizabeth
Wright, attorneys with the firm of
Robinson+Cole, overview important
considerations to address potential
risks posed by drone use. Technology
innovations, specifically Insurtech, are
also the subject of Robert M. Coon's
article, which details the exciting efforts
being undertaken by NASBP and SFAA
to imbue surety process transactions
with greater efficiency.
What could be a hotter topic than
understanding the ways in which to
expedite payments from the federal
government to contractors? Attorneys
Adrian L. Bastianelli, III, and Lori Ann
Lange in the Washington, DC, office
of the firm of Peckar & Abramson,
PC, decode in a two-part article the
effective strategies for contractors to
receive amounts due in timely fashion
without running afoul of pertinent laws
and regulations.
I hope this issue gives better insight
into some of the hottest issues surrounding surety. I wish everyone a
wonderful summer and the ability to
beat the "heat."
Warmest regards,
Mark H. McCallum
NASBP CEO

NATIONAL ASSOCIATION OF SURETY BOND PRODUCERS | WWW.NASBP.ORG

9


http://WWW.NASBP.ORG

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
https://www.nxtbook.com/naylor/SBPQ/SBPQ0118
https://www.nxtbook.com/naylor/SBPQ/SBPQ0417
https://www.nxtbook.com/naylor/SBPQ/SBPQ0317
https://www.nxtbook.com/naylor/SBPQ/SBPQ0217
https://www.nxtbook.com/naylor/SBPQ/SBPQ0117
https://www.nxtbook.com/naylor/SBPQ/SBPQ0416
https://www.nxtbook.com/naylor/SBPQ/SBPQ0316
https://www.nxtbook.com/naylor/SBPQ/SBPQ0216
https://www.nxtbook.com/naylor/SBPQ/SBPQ0116
https://www.nxtbook.com/naylor/SBPQ/SBPQ0415
https://www.nxtbook.com/naylor/SBPQ/SBPQ0315
https://www.nxtbook.com/naylor/SBPQ/SBPQ0215
https://www.nxtbook.com/naylor/SBPQ/SBPQ0115
https://www.nxtbookmedia.com