AIA Revises Bond Forms

The American Institute of Architects (AIA) announced in late May 2010 that it has issued revised versions of the following two bond forms that will be made available this month:

• Bid Bond (A310)
• Performance and Payment Bond (A312)

For the last couple of years, most bonding companies would not issue the A312 Payment Bond without amendments limiting the surety's liability for failure to respond to claims within a timely manner.  For more information about the court cases that prompted the interim amendments to the A312 Payment Bond, visit my blog entry of June 28, 2008. 

For more information about the newly issued bond forms:

• AIA's May 25, 2010 news release

• Best Practices Construction Law blog by Nashville attorney Matt DeVries describes the nature of some of the changes