Month: August 2022

Surety: Learn Abbrevs. ASAP!

“Boss, the FYE FS has NQAA and NWAA too low and D:E too high!”

“What the heck are you talking about?!”

Cool kids know these surety / construction abbreviations. Now YOU can be a cool kid too!

  • A/C: Air Conditioning
  • AAA: American Arbitration Association
  • ADA: Americans with Disabilities Act of 1992
  • AFSB: Associate in Fidelity and Surety Bonding
  • AGC: Associated General Contractors Association
  • AIA: American Institute of Architects 
  • AP: Accounts Payable
  • AR: Accounts Receivable
  • ARC: Airline Reporting Commission
  • BS: Balance sheet
  • CM: Construction Manager
  • CPM: Critical Path Method
  • CQ: Contractors Questionnaire
  • D:E: Debt to Equity (ratio)
  • D-B: Design-Build
  • D-B-B: Design-Bid-Build
  • DBE: Disadvantaged Business Enterprise
  • DOL: Department of Labor
  • DOT: Department of Transportation
  • DUNS: Dun & Bradstreet
  • DVBE: Disabled Veteran Business Enterprise
  • EPA: Environmental Protection Agency
  • FS: Financial Statement
  • FYE: Fiscal Year-End
  • GC: General Contractor
  • GAI: General Agreement of Indemnity
  • GIA: General Indemnity Agreement
  • GMP: Guaranteed Maximum Price
  • GP: Gross Profit
  • HUBZone: Historically Utilized Business Zone program
  • HUD: Housing and Urban Development
  • HVAC: Heating, Ventilation, and Air Conditioning
  • IBEW: International Brotherhood of Electrical Workers
  • ILOC: Irrevocable Letter of Credit
  • JOC: Job Order Contract
  • LEED: Leadership in Energy and Environmental Design
  • M: Thousand
  • MM: Million
  • NAICS: North American Industry Classification System
  • NASBP: National Association of Surety Bond Producers
  • NP: Net Profit
  • NQAA: Net Quick As Allowed
  • NTP: Notice to Proceed
  • NWAA: Net Worth As Allowed
  • OH: Overhead
  • P&L: Profit and Loss Statement
  • PM: Project Manager
  • P&S: Plans and Specs
  • PE: Professional Engineer
  • PFS: Personal Financial Statement
  • PPE: Personal Protective Equipment
  • RFB: Request for Bid
  • RFI: Request for Information
  • SAA: Surety Association of America
  • SBA: Small Business Administration
  • SDVO: Small Disadvantaged Veteran Owned
  • SFAA: Surety & Fidelity Association of America
  • SIO: Surety Information Office
  • USGBC: United States Green Building Council
  • VE: Value Engineering
  • VOSB: Veteran Owned Small Business
  • WBE: Woman Business Enterprise
  • WCAA: Working Capital As Allowed
  • WOH: Work on Hand
  • WIP: Work in Process

Brought to you by the cool kids at FIA Surety: Site, Subdivision and Contract Surety Bonds PDQ!

First Indemnity of America Insurance Company
2740 State Route 10 West, Suite 205
Morris Plains, NJ 07950-1258
(973) 541-3417 Direct Dial

A carrier providing A Rated, T listed bonds in all states