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EmailGreen regulations may mean ruinous higher fines against surety bonds for contractors
One item impacting the estimated costs of green construction is the increased demands for surety bonds as an assurance to building and code enforcement departments that the contractor will adhere to all applicable environmental regulations. Depending on the projected risk of the market and the credit history of the applicant, these bonds can have premiums ranging from 1% to 20% of the bond amount, says Matt Doyle, a surety bond expert. But more regulation is clearly the wave of the future. With stricter regulations on the horizon, those who don’t adhere to sound green practices risk being eased out of the market as new, more stringent codes are implemented.
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