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Signed into law in December, the Fixing America’s Surface Transportation (FAST) Act finally brings some predictability to funding surface transportation infrastructure, plus a modest increase in funding.
Some of President Obama’s earlier State of the Union addresses had meaty sections about improving U.S. infrastructure, creating jobs and accelerating project reviews. But his final State of the Union speech, delivered on Jan. 12, didn’t mention infrastructure or construction at all.
When, as expected, President Obama signs into law the National Defense Authorization Act, a new military spending bill, he probably won’t know about Section 874, which upgrades the minimum standards for surety-bond assets.
Right now construction contractors are keeping a sharp eye on their cash reserves, which are vital when there are new and unexpected costs and interruptions in payment or in new project awards. We'll discuss what to do about collecting funds owed, monitoring finance and payments, and maximizing your own company’s cash position until costs and construction service markets stabilize.
