Issues Involving Surety for Public Transportation Projects

National Academies of Sciences, Engineering, and Medicine

doi:10.17226/22738

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Issues Involving Surety for Public Transportation Projects

(2012)

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TRB’s Transit Cooperative Research Program (TCRP) Legal Research Digest 40: Issues Involving Surety for Public Transportation Projects reviews applicable federal law, provides examples of state and local laws, and highlights industry practices related to surety.

The digest also examines surety issues and industry practices in various types of construction and other public transportation projects. The types of surety addressed by the report include performance, payment, and warranty bonds; letters of credit; and other instruments.

Contributor(s): National Academies of Sciences, Engineering, and Medicine; Transportation Research Board; Transit Cooperative Research Program; Michael C. Loulakis; Shannon J. Briglia; Lauren P. McLaughlin

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Suggested Citation

National Academies of Sciences, Engineering, and Medicine. 2012. Issues Involving Surety for Public Transportation Projects. Washington, DC: The National Academies Press. https://doi.org/10.17226/22738.

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Publication Info

108 pages | 8.5 x 11 | DOI: https://doi.org/10.17226/22738

Chapters		skim
COVER	1-1
CONTENTS	2-2
I. INTRODUCTION	3-3
II. DELIVERY SYSTEMS FOR TRANSIT CONSTRUCTION PROJECTS	4-11
III. PURPOSE, HISTORICAL UNDERPINNINGS, AND LEGISLATIVE FRAMEWORK OF SURETY BONDS	12-19
IV. ALTERNATIVE FORMS OF PERFORMANCE SECURITY	20-29
V. PURSUING REMEDIES AGAINST A SURETY	30-34
VI. COMMERCIAL ISSUES AFFECTING THE SURETY RELATIONSHIP ON LARGE, COMPLEX PROJECTS	35-41
VII. CURRENT PRACTICES AND PERSPECTIVES OF TRANSIT AGENCIES	42-48
VIII. THE SURETY PERSPECTIVE ON BONDING TRANSPORTATION MEGAPROJECTS	49-54
IX. CASE STUDY: THE USE OF SURETY BONDS ON LARGE AND INNOVATIVELY DELIVERED PROJECTS	55-62
X. CASE STUDY: MODERN CONTINENTAL--MITIGATING A FAILURE	63-66
XI. CASE STUDY: THE BRAZILIAN OIL PLATFORM CASE--AN EXAMPLE OF SURETY EXPOSURE WHEN A LARGE PROJECT GOES BAD	67-72
XII. A GAME PLAN FOR DEALING WITH SURETY ISSUES ON COMPLICATED PROJECTS	73-75
XIII. SUMMARY	76-77
REFERENCES	78-82
APPENDIX A--50 STATE LEGISLATIVE BONDING REQUIREMENTS	83-94
APPENDIX B--LIST OF TRANSIT AGENCIES RESPONDING TO THE SURVEY	95-95
APPENDIX C--SURVEY ON SURETY BONDING TO TRANSIT AGENCIES	96-107
ACKNOWLEDGMENTS	108-108
BACK COVER	109-109

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