P3 Bonding Requirements Advancing in the Senate
As you know, we support H.R. 1740, legislation clarifying that current payment and performance security requirements for federally funded infrastructure projects should apply to Water Infrastructure Finance and Innovation Act (WIFIA) financed infrastructure projects, including Public Private Partnerships (P3). To that end, late last week, we learned that this bipartisan legislation will soon be offered in the Senate by Sens. Kelly (D-AZ) and Cramer (R-ND). We continue to work with the House Transportation & Infrastructure and the Energy & Commerce Committees to build cosponsors for this legislation. Additionally, we will work with the Senate Environment and Public Works Committee once the bill is formally introduced in the Senate.
Finally, we issued the following statement on the proposed Senate legislation:
“The American Subcontractors Association (ASA) proudly supports this important bipartisan legislation because our contractor members witness firsthand the importance of financial securities such as performance and payment bonds on construction projects. These bonds assure that a contractor is qualified to perform the obligations in the award and serve as protection for the public agencies in case the contractor fails to meet their obligations under the contract,” said Gloria Hale and Courtney Little, ASA Government Relations Committee Chairs.