ASA Addresses the National Association of Surety Bond Producers (NASBP)’s 2022 Annual Meeting “Better Together”

In Improving Productivity, Insurance
May 23, 2022
44 Views

By Mike Oscar, ASA

Courtney Little (ASA Past President), along with representatives from Construction Financial Management Association (CFMA), the Associated General Contractors of America (AGC), and the Associated Builders and Contractors (ABC), addressed the National Association of Surety Bond Producers (NASBP)’s 2022 Annual Meeting “Better Together.” More specifically, the panelist were:

Courtney Little, Ace Glass (Past President, American Subcontractors Assoc.)
Tom Borgia, J. Raymond Construction Corp. (Incoming Chairman, Construction Financial Management Association)
Dan Fordice, III, Fordice Construction (Incoming President, AGC of America)
Nick McFayden, Pro-Craft Construction (Chair, Southern California Associated Builders and Contractors, Inc.)

The panelists addressed the current marketplace overview, focused on current “hot topics” impacting construction companies and their impacts up and downstream on projects, in the field and strategically/operationally. The topics addressed were:

TOPIC: Labor Market

GC/CM – Skilled labor shortages both at the GC/CM level and Subcontractor level from and how these translate into project performance/risk management concerns.
Sub – Skilled labor concerns and managing GC/CM demands to manage/balance internal capacity.

TOPIC: Supply Chain

GC/CM – Current pain points in supply chain; what are you seeing with Subs and Suppliers; how are you managing this risk?
Sub – Current pain points in supply chain; what are you seeing from GC/CM’s and Suppliers; how are you managing this risk?

TOPIC: Contract Terms

GC/CM – What good or bad things are you seeing in contracts today that help or make worse the issues discussed above? What are you seeing pushed to subs? How do you manage that risk contractually?
Sub – What good or bad things are you seeing in contracts today that help or make worse the issues discussed above? How do you manage that risk contractually?
CFO/Controller – Where/How do some of the contract terms discussed impact overall company financial health?

TOPIC: Field /Project Management

GC/CM – What are you doing in the field to manage the labor/subcontract, supply chain and contract term risks you see today? What are good subs doing to help?
Sub – What are you doing in the field to manage the labor, supply chain and contract term risks you see today? What are good GC/CM’s doing to help?
CFO/Controller – How can you help project teams improve their risks/project outcomes in relation to labor/supply/contract terms discussed?

TOPIC: What Else Are You Watching/Concerned About in the Coming 12-24 months?

GC/CM – Looking forward, what are you tracking that could impact project performance?
Sub – Looking forward, what are you tracking that could impact project performance?
CFO/Controller – Looking forward, what financial uncertainties could impact balance sheets and project profitability?

Thank you, Courtney, for your excellent presentation on behalf of ASA, your cogent and thoughtful responses advanced the discussion and made us proud amongst your peers in the construction industry.