N.Y. bridge design-build contract involves $3B in bonds

The consortium designing and building the new $3.9 billion Tappan Zee bridge in New York will take on much of the financial risk of the project, including cost overruns and any storm damage. Six insurance companies have underwritten a $1.5 billion payment bond and a $1.5 billion performance bond for the project. The state has begun using a design-build approach for projects in light of cost overruns for recent public works projects.

View Full Article in:

Journal News (White Plains, N.Y.) (tiered subscription model), The

Published in Brief: