A new law was enacted concerning guaranteed energy savings contracts in the state of Massachusetts. The new law, SB 2768, demands a performance bond for all guaranteed energy savings contracts. The performance bond quantity must be 100% of the contract value from a surety company licensed in the commonwealth and also must be listed on Circular 570 of the U.S. Treasury Department. Such energy savings contracts entail the procurement of energy management services in order to accomplish energy savings at public facilities and establishments.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.