“Overview of the AIA’s New Insurance and Bonds Exhibit,” Modern Contractor Solutions
In an article published in Modern Contractor Solutions on July 22, Josh Stover discusses the American Institute of Architects (AIA) modifications on contracts, particularly the conjunction of the Insurance and Bonds Exhibit to Article 11.
Each decade, the AIA releases an overhauled set of contracts in an effort to keep up with the ever-evolving construction landscape, the most recent of which was released in 2017. In substance, the new exhibit relocates a majority of the insurance and bond provisions previously found in the AIA A201 General Conditions of the Contract for Construction and modifies certain obligations of the owner and contractor related to insurance coverages.
Stover continues, expanding on the remains of the A201 general conditions, owners required and optional insurance, contractor’s required and optional insurance, and bond provisions.
“As long as both the owner and contractor familiarize themselves with the terms of the exhibit and recognize that it is intended as a framework for negotiations and not a finished contract in itself, then both parties should find it useful,” he concludes.
For the full article, you may click here.