Criteria For Choosing Between ConsensusDOCS And AIA Bond Forms

Since first being introduced in 2007, ConsensusDOCS forms have become increasingly popular and along with the AIA forms are becoming industry standard. The organizations that endorsed the ConsensusDOCS devoted untold hours to developing the new forms, an effort that can only be presumed to reflect a wish for an improvement on the status quo ante. In 2009, the AIA began the process of revising its 1984-era bond forms and solicited the support and feedback of members of the construction and surety industries. After completion of this collaborative process, AIA finalized and released its 2010 bond forms. The 2010 AIA bond forms retained much of the language that had already been interpreted by various courts and which had become familiar to users of the forms over the years. However, AIA made some changes to clarify language, to eliminate confusion and to address concerns raised by various stakeholders as examined below.

Likewise, in 2011, ConsensusDOCS published a comprehensive update of its forms but made no significant or material changes to the ConsensusDOCS bond forms. In April 2012, ConsensusDOCS eliminated a major obstacle to the widespread adoption of its software with the launch of a new technology platform that permits editing of its standard forms using Microsoft Word software. Undoubtedly, this change will lead to an increased use of the ConsensusDOCS forms.

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Topics:  American Institute of Architects, ConsensusDOCS, Payment Bonds, Performance Bonds

Published In: Construction Updates, Insurance Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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