Construction bid bonds are very rarely called. In fact, in our agency’s history, we’ve only seen three bid bond claims. When you consider we issue more than 3,000 bid bonds each year, that’s not very many claims. While that’s positive for contractors, it can also give a false sense of security that bid bond claims …
What Happens When a Construction Bid Bond is Called? Read More »
As baby boomers continue inching towards retirement, the continuity plans of construction companies is becoming an increasingly common topic. There are many ways to transition ownership of a business, and this article will address one specific method we’ve seen used by several of our clients when selling their business to key employees, which many call …
When contractors submit a bid bond request to their surety company, it is often early on in the bid process, and you may not have much insight into the true cost outside of whatever the project owner’s estimate is, assuming one is provided. That in itself makes it difficult to know what amount to submit …
Best Practices for Handling Bid Bond Increases with Your Surety Company Read More »
A contractor considering public works may wonder what bid bonds are and if they’re required for all tax-dollar funded projects. Public works can be great for contractors, and can lead to more profitable work. It’s important to consider the best steps to take in order to properly prepare for bidding on these types of jobs. …
Contractors need construction surety bonds for a variety of reasons, from guaranteeing project completion to giving the project owner or general contractor peace of mind.
This is the second article in a series designed to help construction company owners understand the options for exiting their business. As we discussed in our first article Figuring Out How to Exit Your Construction Business Part I, there are 4 main options that contractors have, which are outlined below: Sale to inside party – …
Exiting Your Construction Business: Sale to Insiders Read More »
To be successful, contractors must be selective with the projects they bid on, the equipment and materials they use, and the subcontractors they hire. Most contractors would agree that prequalifying subcontractors is a must-do to ensure you get quality subs, but how to go about it in the best way can be a bit of …
Is your Surety Agent’s Slow Response Costing You Business? As with any type of professional service, there are some standards that, if not met, can cost your business money, such as timeliness. Your surety agent can be a great help to your bonding capacity, securing surety bonds, and planning ahead in your business goals, but …
Is your Surety Agent’s Slow Response Costing You Business? Read More »
On October 25, 2022, we were pleased to host our 9th Annual Good to Great Conference, which was attended by more than 130 guests comprised of CSBA contractor customers and surety companies. We started the conference off with Rose Nguyen from Hope Builders informing our construction companies in attendance about their new Hope Builders Career …
CSBA Hosts Good to Great Conference for Contractors and Surety Companies Read More »
With the new year around the corner, it’s the ideal time to look ahead and plan for your goals and business needs, including the surety bonds you’ll require. It can appear contradictory to plan for bonding capacity and bond sizes for jobs when you may not know what the required bond size will be, but …