If you’ve ever worked on a public works project, you’ve no doubt been required to get a performance construction bond prior to starting the job. What you may not know is how surety companies calculate the cost of the performance bond you are acquiring. And that’s completely understandable as the way bond rates are determined …
Understanding The Cost of A Construction Performance Bond Read More »
By Dan Huckabay, PresidentCommercial Surety Bond Agency For many contractors, even those who rely heavily on surety bonds, the general rules that surety companies use to determine bonding capacity can be somewhat of a mystery. And it is hard to play a game when you don’t know the rules. This article will aim to help …
Our mission at CSBA is to help contractors navigate the complex world of surety bonds so that they can win the jobs that will take their business to the next level. If you’ve recently launched your own company or are pursuing performance and payment bonds for the first time, we understand that you have questions …
Performance Bonds vs. Payment Bonds: What’s the Difference? Read More »
For contractors, taking on larger projects is a natural part of growth in business. The challenge is that no two projects are exactly alike, and bigger isn’t always better. There can be more risk with larger jobs, and some contractors see their gross profit margins (as a percentage) go down as jobs get bigger. For …
4 Factors Your Surety Company Considers When Bonding Larger Projects Read More »
COVID-19 presented new challenges for the construction industry in 2020, and 2021 is poised to offer similar hurdles for new business. State and local municipality budgets are slim this year, and competition has increased while the number of available new projects continues to dry up. In years past contractors would be up against 3 or …
What California Construction Companies Need To Know About Bid Bonds Read More »
If “pursue bigger and better projects” is on your to-do list this coming year, there are some important steps you need to consider taking to prepare your business and protect yourself from risk. Like many business owners, you likely have a list of preferred subcontractors and partners who you turn to because of their track …
Subcontractor surety bonds can make a BIG difference on your next project Read More »
Over the last several years, innovations in the surety industry have made it convenient and fast for contractors to obtain a construction bond. There are numerous websites and surety bond providers peppering the digital landscape that claim they can offer fast service and the best prices. When there are so many providers to choose from, …
The Top 6 Questions You Need To Ask Your Surety Agency Read More »
Over the many decades that we’ve worked in the construction surety bond business, we’ve noticed time and time again that contractors often overlook business opportunities in favor of focusing on the immediate need in front of them. These oversights can leave untold sums of money on the table, and prevent construction companies from accessing bigger …
How CSBA Helps Contractors Become Better, More Successful Businesses Read More »
Covid-19 has challenged all of us to adapt to an environment that we probably never thought was possible. But what is true adaptability? General Stanley McChrystal addressed this topic in the book Team of Teams by recounting how the United States military operation he led in 2003 to combat Al Qaeda struggled in the early …
On March 16th, UCLA Anderson forecast officially declared that the “U.S. economy has entered a recession, ending the expansion that began in July 2009.” Because of construction being deemed “essential”, most of our construction clients have yet to feel the full impact. We have had very few of our contractors report of jobs being shut …