Surety & Fidelity Association of America and Coalition of Partners Urge Lawmakers to Pass the Small Business Payment for Performance Act
September 29, 2022 (WASHINGTON, DC) – The Surety & Fidelity Association of America (SFAA) as part of the Construction Industry Procurement Coalition, sent a letter strongly encouraging members of the National Defense Authorization Act (NDAA) Conference Committee to pass the Small Business Payment for Performance Act, Section 870 of H.R. 7900 – National Defense Authorization Act (NDAA) for Fiscal Year 2023. The NDAA Conference Committee is led by Senate Armed Services Committee Chairman Jack Reed (D-RI) and Ranking Member James Inhofe (R-OK) and House Armed Services Committee Chairman Adam Smith (D-WA) and Ranking Member Mike Rogers (R-AL). Section 870 of H.R. 7900 requires timely partial payments for agency-directed changes to a federal contract.
This legislation requires federal agencies to make partial payments to their construction prime contractors for unilateral changes in contract performance directed by the buying agencies. “SFAA strongly supports this bill and commends the bill sponsors for helping small business construction contractors and subcontractors which otherwise shoulder the financial burden when an agency makes unilateral changes in contract performance,” said SFAA president and CEO, Lee Covington.
The Construction Industry Procurement Coalition includes:
- American Council of Engineering Companies
- American Subcontractors Association
- Associated General Contractors of America
- Design-Build Institute of America
- Independent Electrical Contractors
- International Institute of Building Enclosure Consultants
- National Association of Surety Bond Producers
- National Electrical Contractors Association
- National Society of Professional Surveyors
- Sheet Metal and Air Conditioning Contractors’ National Association
- Subsurface Utility Engineering Association
- The Surety & Fidelity Association of America
- S. Geospatial Executives Organization
- Women Construction Owners and Executives
For information and to read the letter please click here.
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The Surety & Fidelity Association of America (SFAA) is a nonprofit, nonpartisan trade association representing all segments of the surety and fidelity industry. Based in Washington, D.C., SFAA works to promote the value of surety and fidelity bonding by proactively advocating on behalf of its members and stakeholders. The association’s more than 425 member companies write 98 percent of surety and fidelity bonds in the U.S. For more information visit www.surety.org.
