Park Assist, a leader in parking guidance, bay sensing and parking enforcement, has secured its first contract with a US government authority with backing from Export Finance and Insurance Corporation (EFIC) .
The company was awarded a US$780,000 contract with the City of Seattle to provide an electronic parking guidance system (EPGS) for the city’s downtown parking lots. Park Assist’s parking management system, including dynamic LED message signs, will provide real-time information to motorists on parking space availability in Seattle’s central business district.
To help the company fulfil its contractual obligations, Export Finance and Insurance Corporation (EFIC) underwrote the issue of a performance bond for an amount equivalent to the contract value. The bond was issued by Liberal Mutual Insurance Company (Liberty Mutual), a leading provider of surety bonds in the United States, under an ongoing arrangement between Export Finance and Insurance Corporation (EFIC) and Liberty Mutual.
In the United States, many companies and public authorities expect contractors to provide performance bonds to guarantee 100 per cent of the contract value, compared with 10 to 15 per cent of the contract value elsewhere.
Park Assist is expected to complete the Seattle project in mid 2010. The company has already completed a major parking guidance project at Westfield Century City in Los Angeles, the first North American shopping mall to use the state-of-the-art EPGS.