by Brianna Crandall — May 22, 2015—The Design-Build Institute of America (DBIA) has announced the release of a full set of warranty bonds, proposal bonds and payment and performance bonds specifically for design-build projects. DBIA says the new bond forms are the best model documents to use on design-build projects, serving as a fair and balanced basis for projects following DBIA’s “Design-Build Done Right” philosophy.
DBIA explains that Design-Build is a method of project delivery in which one entity—the design-build team—works under a single contract with the project owner to provide design and construction services. This provides one entity, one contract, one unified flow of work from initial concept through completion—thereby re-integrating the roles of designer and constructor.
The documents were developed by DBIA’s Documents Task Force, a committee of expert and experienced construction attorneys from across the country. They have the hard-to-earn endorsement of the National Association of Surety Bond Producers (NASBP) and the Surety & Fidelity Association (SFAA) of America.
As the first set of bonds co-authored by designers and builders and endorsed by the surety industry, the documents are expected to increase consistency in the design and construction industry, making it easier for owners and practitioners to move forward on important projects.
The new family of bond forms include a Proposal Bond (610) and a Warranty Bond (615), with three sets of Payment and Performance Bonds for use by Design-Builders (620 and 625), General Contractors (640 and 645), and Subcontractors (630 and 635). Completing the family of bond forms will be the Consent of Surety to Partial Release of Retainage (500-D6) and Consent of Surety to Release of Final Payment (500-D7).
