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 »
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
Preparing for Bonding Needs for the New Year Read More »
Trifecta of Challenges: Labor, Inflation, Materials Introduction Each year our agency compiles the financial data of 150 contractors that we provide surety bonds for throughout the state of California to look at trends in the marketplace ranging from gross profit margins, net profit margins, backlogs, and competition. This proprietary data ranges from 2008 through June of
2022 Construction Market Outlook Read More »
Payment bonds are required by law for public projects (meaning a construction project that is funded by tax dollars). However, public projects aren’t the only projects that you might come across a payment bond requirement. It is becoming more common to see payment bond requirements on private projects as well. So, how do payment bonds
How Do Payment Bonds Work in Private Projects? Read More »
Even though bid bonds are required by law for construction projects that are funded by tax dollars, it’s still important to understand why it is necessary and how it works. Anything you’re obligated to use should be understood as much as knowing why it’s important and how it can benefit your contractor business, and to
What is the Function of a Bid Bond? Read More »
