February 03, 2009

LEED Requirements For Private Buildings Raise Concerns

  • Washington, D.C. has enacted groundbreaking legislation requiring private buildings to meet LEED standards.
  • One of the requirements of the legislation is that developers must obtain performance bonds for up to 4% of the construction cost (with a maximum of $3,000,000) of a project. If the building fails to achieve the required certification, the bond amount must be paid into a green building fund established by the City.
  • The National Association of Surety Bond Producers and the Surety and Fidelity Association of America have expressed concerns about the legislation on the grounds that it is unclear and inconsistent with industry practice and have met with City officials to discuss these concerns.
  • The legislation is under review.

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