Revisions Address Key Issues and Align the Bond Forms with Modern Terminology WASHINGTON--(BUSINESS WIRE)--The American Institute of Architects (AIA), The Surety & Fidelity Association of America (SFAA) and the National Association of Surety Bond Producers (NASBP) joined in announcing today publication of new editions of AIA’s commonly used A312 Performance Bond and Payment Bond and A310 Bid Bond. The revised bond forms, which will be made available in June, address key issues identified by industry participants. In addition, archaic language was removed and replaced with modern terminology currently used in other AIA Contract Documents. The AIA led an industry-wide collaboration to update the AIA’s bond forms, which provide the fundamental framework of most bonding agreements within the construction industry. In addition to SFAA and NASBP, industry organizations participating in this collaborative process included the American Bar Association Forum Committee on the Construction Industry; the Associated Builders & Contractors (ABC); the American Subcontractors Association (ASA); the Associated General Contractors of America (AGC); the Associated Specialty Contractors (ASC); the Construction Owners Association of America (COAA); the National Society of Professional Engineers (NSPE); the American Council of Engineering Companies (ACEC); the American Insurance Association (AIA); the Engineers Joint Contract Documents Committee (EJCDC); and the American College of Construction Lawyers (ACCL). This cross-disciplinary effort will help ensure the long-term viability of project bonding as a way to manage risk and facilitate construction in an ever-changing industry.
