Surety Bond Quarterly - Winter 2014 - (Page 18)

feature eJCdCstandard form releases first industry public-private partnership agreement OvER ThE PAST few years, public-private partnerships (P3s) have been used with increasing frequency in the United States to finance, develop, design, construct, and operate and maintain both horizontal and vertical construction projects that were traditionally delivered solely by public financing and traditional design-bid-build project delivery. It is no secret that P3 projects are more complex, with more moving parts, than more traditional project delivery methods. The agreements between the governmental entity and the concessionaire, to date, have been drafted as manuscripted documents, requiring long development periods and extensive legal costs. To assist governmental entities and private partners in developing P3 agreements for infrastructure improvements and services, the Engineers Joint Contract Documents Committee (EJCDC) has developed the first industry standard form P3 agreement. Released September 2014, the EJCDC® P3-508, Public-Private Partnership Agreement, provides a 18 surety BoNd Quarterly | WINTER 2014 template that informs the parties of issues for consideration in finalizing a specific agreement for a publicprivate partnership. "I think that EJCDC is aiming at somewhat more garden variety projects than some of the bigger projects," explained Hugh N. Anderson, Esq., EJCDC's retained legal counsel, noting that the mechanism may be a good fit for certain projects, including improvements to wastewater Hugh N. Anderson treatment facilities. "A private entity could come in and essentially take the revenue stream that is available with those sorts of facilities from the users and leverage that into making improvements and designing these operations for the twenty-first century." As a construction contract attorney, Anderson was hired to provide legal services to the EJCDC umbrella

Table of Contents for the Digital Edition of Surety Bond Quarterly - Winter 2014

NASBP Upcoming Meetings
2014-2015 NASBP Executive Committee
From the CEO: Education is everywhere and in everything we do
Practical Insights: What You Need to Know-Lease Accounting, A new standard is coming
Surety Up North
Training the Next Generation of Surety Talent
EJCDC’s New P3 Document
The Top 10 Things Public Owners Should Know About Surety Bonds
What's a Construction Company's Most Valuable Asset?
NASBP Virtual Seminars
School’s Back!
New NASBP Resource: Information map of advocacy issues
Meetings in Photos
The Importance of Cracking the “WIP” Monthly
U.S. Customs and Border Protection to Deploy eBond
NASBP Outreach Continues Throughout the Year
Index to Advertisers

Surety Bond Quarterly - Winter 2014