Transportation

Airlines Automotive Electric Vehicles Logistics Maritime
News Release Digital Asset Direct

DB Schenker Earns Coveted Secretary of Defense Freedom Award

DB Schenker

DB Schenker U.S. Land Transport division, formerly USA Truck, has received the prestigious 2023 Secretary of Defense Employer Support Freedom Award. The honor marks the first-ever Freedom Award for the organization. A contingent of leadership and staff from DB Schenker received the award on behalf of the company in late August at the Pentagon in Washington, D.C. "We are truly honored to be recognized by the Department of Defense with the prestigious Freedom Award," said Joe Jaska, DB Schenker EVP, Land Transport, Region Americas. "We take pride in our programs that help create avenues for veterans and reservists to bring their talents to civilian careers. We are a stronger company because of the skills, capabilities, and unique perspectives they bring to our team. A huge thank you goes out to our military recruiting department for spearheading our work with military personnel." Issued by the Employer Support of the Guard and Reserve (ESGR), the Freedom Award began in 1996 and has only 340 honorees to date. The Freedom Award was created to recognize employers supporting their National Guard and Reserve employees. It is the highest employer recognition award given by the Department of Defense. DB Schenker has a proud legacy of hiring and supporting veterans. It is among the 15 employers in the United States to receive recognition this year, and one of just two trucking companies to receive the prestigious Freedom Award. Before USA Truck became a part of the DB Schenker family, it was poised to be the fifth Arkansas-based company to receive the Freedom Award in its 27-year history. "We have been a significant employer of Veterans and Reservists for many years now," said George Henry, DB Schenker Chief Operating Officer, U.S. Land. "We are proud to support our military families who have selflessly sacrificed to defend our nation's freedom, and we believe that this is the least we can do. It is incredibly humbling to be recognized with this elite award for all DB Schenker employees who continuously strive to lead the experience for our veterans and reservists. We thank the ESGR for the recognition and look forward to many more years supporting their mission." The 2023 recipients were selected from nearly 1,900 nominations, including private and public sector employers nominated by a National Guard or Reserve Component employee employed in their organization. The selected employers came from the 50 states, Puerto Rico, the U.S. Virgin Islands, Guam-CNMI, and the District of Columbia. The DB Schenker military recruiting program helped make the Freedom Award possible. The program is headed by Carroll Davidson and William Geoghagan. As U.S. Army veterans, they are dedicated and passionate about facilitating service members entering the transportation industry. DB Schenker military program focuses on service members transitioning from active-duty status and recognizes service members' real-world experience. The company has a Veteran Experience Program (VXP) within its military program, where transitioning, qualified personnel can use a Military Skills Waiver and bypass training. "Citizens and businesses alike can never do enough to support our reservists and veterans," stated David Buss, DB Schenker CEO of North America. "USAT has a great record of hiring these valued members of the community that have sacrificed for the betterment of all of us. The leadership at DB Schenker USA is working diligently to expand the USAT recruiting program to our Airfreight, Ocean Freight, and Contract Logistics Business Units. We look forward to the continued partnership with The Department of Defense." About DB Schenker DB Schenker is one of the largest Integrated Logistics Service Providers in the Americas with more than 10,000 employees in 123 locations providing over 27 million sq. ft. of distribution operations to its clients. DB Schenker’s Americas presence includes Argentina, Brazil, Canada, Chile, Guatemala, Mexico, Panama, Peru, United States, and Venezuela. DB Schenker offers land transport and air and ocean freight, as well as comprehensive logistics solutions and global supply chain management services from a single source. With integrated partners across the Americas, DB Schenker provides the best combination of intimate local practices knowledge and global capabilities. About the Freedom Award The Secretary of Defense Employer Support Freedom Award is the highest recognition given by the U.S. Government to employers for their support of their employees who serve in the Guard and Reserve. Secretary of Defense William Perry authorized the first award in 1996 and presented it to Schneider National, McDonnell Douglas, United Parcel Service Central Florida District, Tektronix, Inc., and National Life of Vermont. In the years since 340 employers have received this prestigious award. The nomination process is open to all Guard and Reserve personnel or a family member acting on their behalf, and applications are submitted online to ESGR. A national selection board of senior Defense officials and business leaders selects the award recipients. For more about the Freedom Award, visit freedomaward.mil. About ESGR ESGR, a Department of Defense office, was established in 1972 to promote cooperation and understanding between Reserve Component Service members and their civilian employers and to assist in resolving conflicts arising from an employee's military commitment. ESGR develops and promotes supportive work environments for Service members in the Reserve Components through outreach, recognition, and educational opportunities that increase awareness of applicable laws. It also aids in resolving conflicts between Service members and their employers. Recognizing supportive employers is vital to ESGR's mission. ESGR's 54 State Committees actively promote awards as a critical element in furthering employer support while strengthening relationships between Service members and employers. These Department of Defense awards honor the sacrifices made by so many employers year after year. To learn more about ESGR, a Defense Personnel and Family Support Office program, visit www.ESGR.mil. Contact Details Nicholas Leighton +1 949-478-5880 nick.leighton@nettresultsLLC.com Company Website https://www.dbschenker.com/usa

October 10, 2023 08:00 AM Eastern Daylight Time

Ilika receives £400,000 grant to help fund its "crusade toward net zero"

Ilika PLC

Ilika PLC (AIM:IKA, OTCQX:ILIKF) CEO Graeme Purdy speaks to Thomas Warner from Proactive after the innovative battery developer announced it will receive £400,000 of a £2.7 million grant from the Automotive Transformation Fund (ATF). The funding is part of a 16-month, £2.7 million collaboration programme that kicked off on 1 October. Ilika is collaborating with Mpac Group (LSE:MPAC) PLC and the UK Battery Industrialisation Centre (UKBIC) for this initiative. Purdy explains that the funding will be used to enhance the production of their large "Goliath" battery. In collaboration with Mpac, Ilika plans to establish an assembly line, increasing their manufacturing capacity from 0.5 to 1.5 Watt hours annually. This move aligns with their strategy to implement a fully automated pilot line. Additionally, the grant will support their partnership with the UK Battery Industrialisation Centre in Coventry, focusing on electrode production for pouch cells using giga factory scale equipment. Purdy emphasised that this grant underscores Ilika's commitment to the automotive sector and their alignment with the UK's industrial strategy towards achieving Net Zero. The company reported a robust cash balance of £14.6 million at the end of their last fiscal year. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com

October 10, 2023 04:18 AM Eastern Daylight Time

Video

Minuteman Press Franchise Comes to Poundbury and Dorchester, Moves to Brand New Premises

Minuteman Press International Inc

Sprint Digital, Dorchester's leading small business printers, have successfully completed the transition into a Minuteman Press franchise. Owners David and Juanita Prince have relocated from their town centre premises, shared with the Dorchester Post Office, into their own stand alone premises in Poundbury at 13 & 14 Jubilee Court, Paceycombe Way. David Prince said, “With easy access and free parking, the offices just down from the Buttermarket are well placed for access for our clients. We will also continue to deliver to our existing business customers in Dorchester should they need to ensure a seamless transition for our clients.” Operating for over 50 years to serve local business communities, Minuteman Press International has almost 1000 independently owned and operated franchise locations worldwide. The transition from Sprint Digital to Minuteman Press will give small businesses in Dorchester, Poundbury and its surrounds more access to an extremely wide range of print solutions, from business cards and fliers to small signage, branded promotional items and much more. In response to the rebranding, David and Juanita stated, "The move to Minuteman Press will allow our print business to grow offering the businesses of Dorchester, Poundbury and its surrounds a quality affordable print solution. We are also inviting businesses to shop locally knowing that the product is as environmentally sourced as possible and supported by the expertise of world's leading print franchise.” Mark Jones, Regional VP of Minuteman Press International added, "We are excited to be working with David and Juanita, helping them to grow their franchise whilst supporting the local community with all their print requirements." As part of the conversion David Prince has reaffirmed that MMP Dorchester will take over Sprint Digital's sponsorship of the Dorchester Ladies football team into the 2023/24 season and they will continue to support the developers of Dorchesters Bike Park by providing a range of print solutions for their promotional needs. For more information on Minuteman Press in Dorchester and Poundbury, call 01305 264171 or visit their website: https://minuteman.com/uk/locations/england/dorchester/ Minuteman Press provides digital print, design, promotional products and services to businesses. Today they are much more than just print. They can provide anything you can put a name, image or logo on! Minuteman Press International was once again rated the #1 Printing & Marketing Services Franchise in the printing industry by Entrepreneur Magazine in 2023. This is the 32nd time overall and 20th straight year that they have achieved this stellar rating. Learn more about Minuteman Press franchise opportunities and read Minuteman Press franchise reviews at http://minutemanpressfranchise.co.uk Contact Details Minuteman Press International Chris Biscuiti +1 631-249-1370 cbiscuiti@mpihq.com Company Website https://minutemanpressfranchise.com

October 05, 2023 09:38 AM Eastern Daylight Time

Image

VinFast officially launches VF 6 in Vietnam

Vingroup

HO CHI MINH CITY, VIETNAM - Media OutReach - 29 September 2023 - VinFast has officially launched VF 6, its first electric model in the B-SUV segment, the ideal choice to begin every journey for Vietnamese families. With a starting price of 675 million VND, the VF 6 is now available for order in the Vietnamese market from October 20, 2023. In the Vietnamese market, the VinFast VF 6 comes with 2 trims: Base and Plus. The base trim starts at 675 million VND (excluding battery) or 765 million VND (including battery), while the plus trim starts at 765 million VND (excluding battery) or 855 million VND (including battery). From October 20, 2023, customers can place their orders at VinFast stores, dealer networks, or through the website https://reserve.vinfastauto.com to enjoy attractive offers. Specifically, customers will receive incentives of up to 20 million VND when making the order from October 20 until 23:59 October 30, 2023; and complete the purchase procedure within 3 months from the date VinFast starts to deliver the VF 6 to the customers. The offer is not applied to the customer who changes the owner's name in the purchase. VinFast will also display VF 6 at VinFast Stores and its dealer's showroom network nationwide from September 30, 2023, allowing customers to experience the product before making their order decision. The delivery of the VinFast VF 6 models to Vietnamese customers is expected to commence by the end of 2023. VF 6 is the next strategic model in VinFast's electric vehicle lineup, after VF e34, VF 8, VF 9, and VF 5. The model features a sophisticated design crafted by world-renowned Torino Design, a spacious and comfortable interior for the whole family, powerful performance, and a wide range of smart technologies and features. VinFast VF 6 has a length of 4,238mm, a width of 1,820mm, a height of 1,594mm, and a wheelbase of 2,730mm. These measurements ensure ample interior space, equivalent to that of C-segment internal combustion engine cars. The VF 6 features a stylish exterior design, featuring VinFast's distinctive LED light strip and attractive 5-spoke alloy wheels. The alloy wheels can be up to 19 inches in size, enhancing the car's overall striking appearance. VF 6 offers a range of colors for both its exterior and interior. It provides five available options for the exterior and two for the interior. One standout new choice is the introduction of a Mocca Brown interior color, which caters to the varying tastes, preferences, and styles of a diverse range of customers. Both Base and Plus trims of the VF 6 are equipped with a 59.6 kW LFP battery that enables a driving range of up to 399 km and 381 km respectively (WLTP standards) per full charge. The vehicle uses an electric motor that boasts a maximum power of 100 kW and 150 kW respectively with a maximum torque of 135 Nm and 310 Nm, giving an exciting driving experience and easily meeting the travel needs of all passengers. In early 2024, the VF 6 Plus will be updated over the air and free of charge to integrate the advanced driver assistance system. The update will bring various outstanding features to the VF 6 Plus, including traffic jam assist, highway assist, lane keep assist, lane centering assist, adaptive cruise control, traffic sign recognition, front/rear automatic emergency braking, and more. These features enhance the driving experience of the VinFast VF 6, making it stand out in its segment and providing drivers with excitement and peace of mind on every journey. In addition, the VinFast VF 6 is a high-quality electric vehicle equipped with advanced technology and smart features to meet the entertainment and utility needs of its drivers. The VinFast virtual assistant is available to interact with drivers using multi-regional Vietnamese voice commands, answering questions, and providing control of the vehicle. As with all VinFast electric vehicles, the VF 6 includes excellent after-sales policies such as a 7-year or 160,000 km (whichever comes first) warranty, Special Aftersales Policies, and a commitment to buying back used electric cars after five years at an attractive price. Customers can learn more about the showcase schedule of VF 6 at https://vinfastauto.com or on the official VinFast page: https://www.facebook.com/VinFastAuto.Official. Contact Details Media Contact +84 96 196 65 65 v.chidqd1@vingroup.net Company Website https://vinfastauto.com

September 29, 2023 11:57 AM Eastern Daylight Time

Image

Green SM reaches the six millionth ride

Vingroup

HANOI, VIETNAM - Media OutReach - 29 September 2023 - Green SM, the pure electric vehicle ride-hailing service of Vietnam's Green and Smart Mobility JSC. (GSM) proudly announced that it has reached the 6 millionth ride after only 5 months of its market launch. This is a record growth rate, firmly demonstrating the development potential as well as the solid foothold of Green SM in the field of passenger transport in Vietnam. The special customer who took the 6 millionth ride is Mr. Nguyen Thai Duong in Ho Chi Minh City. The other two lucky customers who have orders of 5,999,999th and 6,000,001st are Mr. Nguyen Khanh Hoa in Ha Noi, and Mr. Hoang Long in Binh Duong. Green SM's representatives congratulated the three special guests and presented them each with a gift of appreciation. They are awarded with a green mobility package, of which the 6 millionth customer received an award worth 6 million VND, and the remaining customers received a 3 million VND award each. Sharing her joy, the 6 millionth customer, Mr. Nguyen Thai Duong said: "I am a frequent customer of Green SM because it provides not only a nice and clean vehicle but also professional and well-trained drivers. It is also a zero-emission and zero-noise ride-hailing company, a pioneer in green transportation. I hope Green SM will grow further in Vietnam and across the borders so that everyone can join hands to protect our environment." Green SM officially launched its pure-electric ride-hailing service on 14 April 2023 and has rolled out its electric taxi service in 17 provinces and cities across the country, reaching 6 million rides. By the end of 2023, Green SM plans to expand its fleet size to 30,000 electric taxis and 90,000 electric scooters, affirming its pioneering position and aspiration to extend the green journey across 27 provinces and cities in Vietnam and 3 Southeast Asian countries. The difference of Green SM is not only in its "5-star" service standards but also in its practical contribution to the environment. With a fleet of 100% pure electric vehicles from VinFast, Green SM has accompanied customers for 35 million kilometers with zero emissions and noise, contributing to reducing the carbon emissions equivalent to 1 million trees photosynthesizing in 100 days. Additionally, Green SM is also proud to contribute 1,000 VND per electric taxi trip and 100 VND per electric motorbike trip to the "For Green Future" Foundation, established by Vingroup. To date, Green SM has contributed nearly 4 billion VND to the Foundation for environmental protection activities and creating a sustainable future in Vietnam. Sharing about the milestone of the 6 millionth ride, Mr. Thanh Nguyen, CEO of GSM said: "The impressive figures we've achieved today have affirmed our reputation and position in the green transportation revolution. The trust and companionship of the community are the driving forces for Green SM to continue conquering challenges and pursuing sustainable development goals in the future." Not only providing "reliable, technological, and smart" transportation solutions, Green SM has also become a "green mobility icon", contributing to changing public transportation and raising community awareness of environmental protection in Vietnam and in the region. Contact Details Media Contact +84 96 196 65 65 v.chidqd1@vingroup.net Company Website https://www.xanhsm.com/

September 29, 2023 11:51 AM Eastern Daylight Time

Image

GSM officially launches electric scooter ride-hailing services in Ho Chi Minh City

Vingroup

HO CHI MINH CITY, VIETNAM - Media OutReach - 29 September 2023 - The Green SM Bike, GSM's electric scooter ride-hailing service, is officially launched in HCM City. The company aims to expand to another six provinces and cities and to increase the electric scooter fleet to up to 90,000 units in 2023. From 29 September 2023, customers in Ho Chi Minh City can conveniently book and use the Green SM Bike's electric scooter ride-hailing service through the Green SM mobile application. The starting price is VN13,800 for the first 2 kilometers (equivalent to VND6,900/km), and VND4,800/km from the third kilometer onwards. The VinFast Feliz S model will be used for the Green SM Bike's electric scooter fleet, showcasing the distinctive Cyan Blue paint. The model is highly valued by both drivers and passengers for its powerful engine, smooth performance, and soft, comfortable seating. Echoing Green SM's core values, Green SM Bike also commits to providing its passengers with an outstanding service experience through a team of friendly, well-trained, and professional drivers. With the benefits of zero petrol odor and engine noise, along with being beneficial for human health and the environment, the Green SM Bike will be a prime transportation choice for all. Mr. Thanh Nguyen – CEO of GSM said: "Green SM Bike will offer Ho Chi Minh City residents another convenient and eco-friendly transportation option, thereby significantly promoting green mobility habits within the community. This is an essential expansion of Green SM's product and service portfolio in Ho Chi Minh City, a foremost economic, political, cultural, and educational center in the country, thereby underlining its brand reputation and commitment to a green future for all." Prior to the launch in Ho Chi Minh City, Green SM Bike was introduced in Hanoi and received substantial support from the residents. Specifically, around 1 million rides were undertaken in just over a month. Aligned with the aim of offering e-scooter transportation solutions and promoting the ethos of green living, Green SM Bike is also dedicated to the mission of "For Green Future", a foundation established by Vingroup. This foundation kickstarts actionable projects and programs geared towards achieving sustainable green development in line with Vietnam's green transition initiatives. Specifically, for every completed ride, Green SM Bike will contribute VND100, while Green SM's taxi will allocate VND1,000 to the Foundation. To date, Green SM has donated nearly VND4 billion to the "For Green Future" Foundation, proactively participating in environmental conservation activities and fostering a sustainable future in numerous provinces and cities across Vietnam. For more information about Green SM Bike, Green SM, and Green SM Luxury Taxi services, customers can visit Green SM's official website or download the Green SM mobile application from App Store and Google Play. Contact Details Media Contact +84 96 196 65 65 v.chidqd1@vingroup.net Company Website https://www.xanhsm.com/

September 29, 2023 09:15 AM Eastern Daylight Time

Image

Federal Publications Seminars (FPS) Embraces Industry Standardization with Adoption of CMS™ and CMBOK®

National Contract Management Association

Federal Publications Seminars (FPS), a leading government contract training provider, has announced a significant milestone in its commitment to advancing the contract management profession. FPS proudly embraces the National Contract Management Association's (NCMA) ANSI Approved Contract Management Standard™ (CMS™) and the Contract Management Body of Knowledge (CMBOK®) as the cornerstone for hiring, career development, and training of contract management professionals. The CMS™, recognized as the standard global language of government contracting, and the comprehensive CMBOK® collectively offer a unified framework to define, discuss, and advance contract management phases, domains, competencies, and skills. “Our adoption of these standards reaffirms FPS’s support of NCMA and dedication to cultivating excellence and promoting a common language within the contract management community,” said Andy King, President of FPS. Mr. King stated, "By aligning our training courses with the adoption of CMS™ and CMBOK®, we are poised to provide even greater support to our thriving FPS education community. Our partnership and collaboration with the National Contract Management Association (NCMA) reinforces our commitment to cultivating a more robust, knowledgeable, and ethical federal government contracting industry." “Through this collaboration, FPS aims to empower its clients to not only meet compliance requirements but also gain a competitive edge by harnessing their newfound expertise. The synergy between FPS and NCMA promises a brighter future for professionals in the federal contracting arena,” Mr. King concluded. "We appreciate Federal Publications Seminar's commitment to advancing the contract management profession through the adoption of the CMS™ and CMBOK®. they join leading organizations on our journey toward common language to foster global excellence," stated Kraig Conrad, Chief Executive Officer of NCMA. This move aligns FPS with the Department of Defense, civilian agencies of the U.S. government, industry leaders, and higher education institutions that have also embraced the CMS™ for their hiring, training, and educational programs. FPS's commitment to these standards is not only a testament to its leadership in the profession, but also an expression of support for NCMA's pivotal role in advancing the profession. For more information on NCMA's Common Language Adoption, please visit: www.ncmahq.org/adopters The National Contract Management Association (NCMA), which was founded in 1959 and is the world’s leading association in the field of contract management. The organization, which has over 18,000 members, is dedicated to the professional growth and educational advancement of procurement and acquisition personnel worldwide. NCMA strives to serve and inform the profession and industry it represents and to offer opportunities for the open exchange of ideas in neutral forums. To find out more, please visit www.ncmahq.org. About Federal Publication Seminars: Federal Publications Seminars (FPS) has been the leading provider of government contracts training and education for more than 60 years. FPS offers hundreds of in-person and online courses designed to provide in-house counsel, procurement officers, contract administrators, and accounting professionals and firms with solid, comprehensive opportunities to stay current on critical issues throughout the government contracting market. FPS instructors are nationally recognized leaders in the government contracting industry. For more information or to subscribe, visit fedpubseminars.com or call 888.494.3696. Follow FPS on social channels for the latest updates, class notifications and promotions @fedpubseminars. Contact Details National Contract Management Association Holly Dehesa +1 281-865-3296 holly.dehesa@ncmahq.org Company Website https://www.ncmahq.org/

September 28, 2023 06:55 AM Eastern Daylight Time

Classiq to Host Quantum Software Hackathon and Bootcamp on October 1

Classiq Technologies

Classiq Technologies, a leading quantum computing software company, today announced its annual quantum computing software bootcamp and hackathon, the Classiq Quest. There is no cost to participate in either event. First up is the bootcamp, October 1-5, during which participants will learn how to fully exploit Classiq’s software to design, optimize and execute quantum algorithms. One to two hours of work per day over the five days will provide students, professors and others in academia focused on electrical engineering, computer science and other related fields an excellent opportunity to learn how to develop quantum algorithms. The quantum computing bootcamp is also a resource for those in industries such as DevOps, finance, chemistry, pharma, automotive and supply chain who want to learn how to harness the power of quantum computing. With a daily challenge on each day, participants will emerge from the bootcamp as experts on Classiq’s platform and fully prepared to tackle the Quest Hackathon challenges. Next up is the Classiq Quest Hackathon, which runs from October 8-11. The hackathon is an online programming competition open to individual as well as group participants. It is designed to reward those that can create efficient and elegant quantum circuits for a variety of important problems. Over the four days, participants receive a series of challenges for which they must design, optimize, and execute quantum algorithms. The challenges are a combination of open and well-defined problems that fall under three quantum computing themes – applications, utility, and education – and for each theme, there are two challenges. The application challenges focus on the use of quantum algorithms for addressing real-life problems in industries such as chemistry, finance, material science, and cyber security. Quantum utility concentrates on quantum algorithms that fully exploit the capabilities of available quantum computers. The quantum education theme is targeted at quantum algorithms for educational purposes with intuitive graphics and visualizations. “We often hear from professors that they have difficulty finding ways to teach students about quantum computing,” said Amir Naveh, chief product officer and co-founder at Classiq. “Our bootcamp offers a great way for students to get up to speed quickly on quantum computing and then test their skills with the challenges in the hackathon. It’s equally relevant and useful for people on the corporate side, who are quantum curious and need an easy entry point. We’re all about democratizing quantum computing.” Last year, nearly 300 participants from 51 countries registered for the Classiq coding competition and Classiq received more than 150 solutions. Participants must register by Sunday, October 1. Details on events, challenges and ways to participate are available at https://go.classiq.io/classiq-quest-hackathon#Bootcamp. The prize pool is $15,000. For each challenge, the first, second and third place winners will be rewarded with $1,500, $700, and $300, respectively. About Classiq Classiq Technologies, the leading quantum software company, provides an all-encompassing software platform with a single point of entry into quantum computing, from algorithm design to execution. Tailored to all levels of developer proficiency, Classiq aims to democratize access to quantum computing with software that equips customers to take full advantage of the quantum computing revolution. A low-code development environment ensures that a broader range of talents, including those with backgrounds in AI, ML and linear algebra, can harness quantum computing without requiring deep, specialized knowledge of how to program quantum computer hardware. Backed by powerful investors such as HPE, HSBC, Samsung, Intesa Sanpaolo and NTT, Classiq’s world-class team of scientists and engineers has distilled decades of quantum expertise into its groundbreaking software development platform. Follow Classiq on LinkedIn, X (formerly Twitter), or YouTube, or visit www.classiq.io to learn more. Contact Details Michelle Allard McMahon/Jenna Beaucage classiqPR@rainierco.com Company Website http://www.classiq.io/

September 27, 2023 01:45 PM Eastern Daylight Time

SFAA, NASBP and a Coalition of Partners Strongly Support Bill Providing Essential Protections on WIFIA Financed Projects

SFAA

The Surety & Fidelity Association of America (SFAA), National Association of Surety Bond Producers (NASBP), and a coalition of industry partners commend Senator Mark Kelly (D-AZ) and Senator Kevin Cramer (R-ND) for the introduction of S.2928, the “ Water Infrastructure Subcontractor and Taxpayer Protection Act”. This legislation provides essential protections for workers, suppliers and contractors by requiring payment protection on federally financed infrastructure projects receiving Water Infrastructure Finance and Innovation Act (WIFIA) assistance, including public-private projects (P3s). “Bonding WIFIA-financed P3 projects will protect taxpayer dollars, ensure project completion, protect local small business contractors and workers, and promote economic growth,” said Lee Covington, President and CEO of SFAA. “As more and more water infrastructure projects come online, and P3s become more common in the space, WIFIA must be modernized to include the same payment and performance requirements that protect all other federally funded infrastructure projects,” continued Covington. P3 projects have increased in popularity over the years; however, the lack of clarity for requiring payment and performance protections on P3 projects can force taxpayers to absorb additional costs of rebidding a project. Without the payment protections bonds provide, subcontractors, suppliers, and workers are often left unpaid for extended periods if the contractor defaults. The solution ensures parity for protections between traditional project delivery methods and P3 projects utilizing the WIFIA program, and the same protections required in the TIFIA program and other federally financed projects. In addition, surety bonds provide payment protections for workers, subcontractors, and suppliers and provide an economic benefit to taxpayers. A recent study by Ernst & Young (EY), The Economic Value of Surety Bonds, reported: Unbonded construction projects are more likely to default than bonded projects – by up to 10 times. When a contractor defaults on an unbonded construction project, the completion cost is 85% higher than on projects protected by surety bonds. 75% of public project owners report that surety bonding reduces contractor pricing by an average of 3.2%. Five times as many public project owners report bonded projects are more likely to be completed on time or ahead of schedule, and contractors prioritize bonded projects over unbonded projects. Read the entire EY report at www.surety.org/suretyprotects. “Construction is a risky business, and for over 80 years, the federal and state Miller Acts have protected against the risk of loss by requiring payment and performance bonds,” related Mark McCallum, CEO of NASBP. “NASBP and SFAA look forward to working with Senators Kelly and Cramer and the U.S. Congress, on a bipartisan basis, to pass this essential bill,” continued McCallum. The coalition of partners includes: American Property and Casualty Insurance Association American Subcontractors Association Business Coalition for Fair Competition Council of Insurance Agents and Brokers Finishing Contractors Association International International Union of Operating Engineers Mechanical Contractors Association of America National Electrical Contractors Association National Association of Minority Contractors National Association of Mutual Insurance Companies National Association of Surety Bond Producers Sheet Metal and Air Conditioning Contractors’ National Association The Association of Union Constructors The Construction Employers of America The Surety & Fidelity Association of America Women Construction Owners and Executives 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. Founded in 1942, the National Association of Surety Bond Producers (NASBP) is the association of and resource for surety bond producers and allied professionals. NASBP members specialize in providing surety bonds for construction contracts and other purposes to companies and individuals needing the assurance offered by surety bonds. www.nasbp.org Contact Details SFAA Peter Roth +1 703-401-0676 proth@surety.org NASBP Kathy Hoffman +1 240-200-1278 khoffman@nasbp.org Company Website https://surety.org/

September 27, 2023 11:10 AM Eastern Daylight Time

1 ... 28 29 30 31 32 ... 117