If you are a construction contractor, you deal with performance bonds as part of your business and daily work. They are necessary for almost every project you are participating or will participate in, and, along with other sister bonds, constitute a basic tool to be able to work in construction. However, how much do you really know about this tool? Who in your organization knows how to use it? Are you relying on your insurance broker to procure the bonds? Can your broker competently review the terms of the bond? Are you, as a contractor, relying on the surety to explain and determine what you need for the project—a fox guarding the hen house?
Newly published DoD Guidance for Contracting Officer Assessment of Other COVID-19 Related Impacts and Costs provides answers on how contractors can seek reimbursement for cost and delay impacts associated with their response to the COVID-19 pandemic, colleague Kevin J. Slattum discusses in DoD Memorandum Discusses Contractor Reimbursement for COVID-19 Expenses.