Advocacy - Position Briefs

Request for Emergency Action to Require Acceptance of Electronic Execution and Delivery of Legally Required Construction and Commercial Bonds due to COVID-19 Pandemic 

04-03-2020 02:15 PM

While operating during the COVID-19 pandemic, the Surety & Fidelity Association of America (SFAA) and the National Association of Surety Bond Producers (NASBP), on behalf of the construction industry and surety industry, urge public officials at the federal, state, and local level, to issue guidance (1) accepting electronic execution and delivery of construction surety bonds and commercial surety bonds to the extent this practice is not already officially adopted by federal, state or local officials and (2) waiving notary requirements consistent with this request.

Construction bonds have far reaching impacts. They guarantee the performance of and payment to small business contractors on thousands of public construction projects nationally and in the states, thereby providing critical protection of significant state and federal tax revenue and interests. Commercial bonds have an equally important impact and provide financial security for millions of consumers across the country in every state through, for example, license and permit bonds, guardian and conservatorship bonds, appeal bonds, lease bonds, utility bonds, and public official bonds.

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SFAA-NASBP Request for Emergency Action FEDERAL Memo   169 KB   1 version
Uploaded - 04-03-2020
SFAA-NASBP Request for Emergency Action FEDERAL Memo