News Release

For Immediate Release 
Contact: Marla McIntyre 
202-686-7463; mmcintyre@sio.org

NEW AGC SURETY CLAIMS GUIDE AVAILABLE FROM SIO

JULY 28, 2004, WASHINGTON, DC – While no one - the project owner, contractor, subcontractors, or design professional - welcomes a surety bond claim situation, understanding the claims process and obligations of each party to the bond can lessen the impact of contractor default. An Overview of the Contract Surety Bonds Claims Process, published by the Associated General Contractors of America (AGC) and developed by AGC's Surety Bonding Committee, addresses performance bond default situations, payment bond claims, and project owner expectations. With the cooperation of AGC, the Surety Information Office (SIO) is offering the publication at no cost.

While surety bonds are designed to prevent contractor default, even the most thorough prequalification process cannot always predict if problems will arise on a project. By developing an understanding of surety claims, project owners, subcontractors, and other parties can be better prepared for, and have sound expectations of what to expect should a claim arise. 

Free copies of An Overview of the Contract Surety Bonds Claims Process and SIO's other materials may be ordered online at www.sio.org or by contacting SIO at 202-686-7463; sio@sio.org. To download the PDF version, visit the SIO News Room at www.sio.org/new.html and click on An Overview of the Contract Surety Bonds Claims Process under "Products."

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SIO was formed in 1993 to disseminate information about the benefits of contract surety bonding in private and public construction. Located in Washington, DC, SIO is supported by the National Association of Surety Bond Producers (NASBP) [surety agents and brokers] and The Surety Association of America (SAA) [surety companies]. Surety bonding is a careful, rigorous, and professional process in which surety companies prequalify contractors and then assure project owners that these contractors are capable of performing the contract and will pay certain subcontractors and suppliers associated with the project.