In our latest video we are going to look at what a work in progress schedule is for contractors. Surety companies require these forms to be completed with the application for bid bonds and performance and payment bonds typically when the bonding needs are over about $1 or $2 million. In this video, we’re going […]
What is a Construction Work-In-Progress Schedule Read More »
Contractors often believe the risks included in performance bonds fall solely on surety companies. However, the interests of the contractor and the surety are aligned, because whatever the contractor is obligated to by way of the contract, so is the surety through the performance bond form. Conversely, by indemnifying the surety against loss, the contractor
3 Risks Contractors Should Look for in Performance Bond Forms Read More »
Many contractors are probably familiar with the term “percentage of completion basis accounting”, and you may have first heard it from your surety company asking you to change your accounting from either accrual or cash basis to percentage of completion basis. A lot of contractors simply have their CPA make the appropriate adjustments, but they
What Is Percentage of Completion Basis Accounting for Contractors? Read More »
In our latest webinar, industry experts Dan Huckabay, president of Commercial Surety, and Ali Salamirad, partner at SMTD Law, provide insight into the ripple effect of recent bank failures and the importance of preparing your business for potential economic impacts. The webinar covers the relationship between construction financing and bank failures, lessons learned from the
The Ripple Effect of Bank Failures on the Construction Industry Read More »
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 »
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.
Bid Bonds for Public Works Projects Read More »
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.
What Type of CPA Financial Statement are Required for Construction Surety Bonds? 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
Keys to Prequalifying Subcontractors Read More »
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 »