Many contractors have heard about the SBA program but wonder if it’s right for them and are unsure how to figure out if it’s a good fit for their bonding needs. The program can be a great help to both newer and more seasoned contractors, but not all would benefit from applying to it. In […]
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The Small Business Administration (SBA) formed the Surety Bond Guarantee Program in 1971 in an effort to increase the small business participation in federal, state, and local government contracting. To accomplish this, the SBA provides participating surety companies a guarantee for the bid, performance and payment bonds they write to contractors enrolled in the program.
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Bid bonds are a type of surety bond that is required when submitting a bid proposal on a public works project. However, a bid bond can also be required when bidding on private projects. Therefore, whether your work is focused in the public or private sector, it’s important to understand what bid bonds are and
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Payment bonds are a type of surety that gives specific guarantees to various people a contractor will work with or hire for a construction job. While it isn’t unusual for a contractor to get a payment bond for private projects, it is required by law on public construction jobs; meaning, anything funded by tax dollars
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It’s easy to think that any surety agent will do the trick when your business needs a bond, but you’d be missing out on a lot of opportunities for help and to improve your company. Surety agents have a set of skills and professional expertise that applies to more than surety bonds. In fact, the
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Hiring a subcontractor is a regular necessity in the construction industry, and it often raises the question of whether a prime or general contractor should require their subcontractors to provide performance and payment bonds to them. Subcontractors aren’t typically required by the owner of the project to provide bonds to the prime or general contractor.
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A performance bond can be a necessary surety bond to have whether the construction job is private or public, and a contractor has a few options to choose from when needing to get a performance bond for the project. While it may not seem like an important decision to make, where you get the performance
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Surety bonds are an essential part of doing business as a contractor, and there are several types you’ll run into while bidding on or engaged in construction projects. While some surety bonds are more obscure and uncommon, other more common types should be understood. Part of that understanding is first identifying which surety bonds are
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Everyone makes mistakes in business, but mistakes made while growing your construction business can risk the long-term health of your company and harm its survival. It’s easier to make mistakes when growing, especially when growing rapidly, as you’re still getting the business up and running as well as finding your footing in the construction industry.
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Surety bonds are an essential part of the construction industry, and while it’s mandatory for government projects, they’re popular among privately funded jobs as well. Like any business person, you can’t be an expert in all things related to your company, nor would anyone expect you to be. No one expects the head of a
Why Is It Important to be Aligned with a Bond Specialist? Read More »