The Role of Performance Bonds in Complex Infrastructure Projects
As infrastructure projects become increasingly larger and more complex, project owners’ and developer’s use of performance bonds are changing. During this networking event, we will demystify performance bonds and discuss key issues project owners should consider before establishing performance bond requirements for exceptional projects. Panelists from Ashurst, Fitch Ratings, Berkshire Hathaway, Marsh, and WSP will talk about the reasons why owners would reduce performance bonding requirements, how sureties respond in the event of loss in these situations, and how costs are determined for performance bonds less than 100% of contract value. Panelists will also “pop the hood” on a performance bond: How do penal sums work? What criteria should an owner consider when looking at dispute resolution bonds? How do performance bond requirements impact the competitive field during procurement? The group will also describe rating agencies’ perspectives on the value of performance bonds when considering the overall design-build security package.
Please join us for what will be a comprehensive, enlightening and lively discussion. A light reception will follow the one-hour panel discussion. The event will begin at 5:30 PM and will be hosted at WSP USA’s offices at One Penn Plaza, 2nd Floor in New York City. Please register for the event and bring your ID to ensure access to the building.