There are types of professional relationships that are best when long term, like with doctors, brokers, or insurance agents, and your relationship with a surety agent is no different. To establish a relationship with a surety specialist requires work on both sides if it’s going to be mutually beneficial and long-lasting, which we detail below. […]
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The Small Business Administration bond program can be a great way for contractors to expand their bonding capacity, but whether it’s the right move for your business is a question mark. As with any program, there are advantages and disadvantages to applying for them. This, of course, depends on the contractor considering applying for the
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Being that bid bonds are required by law for construction projects using tax dollars, no matter if it’s local, state, or federal, it’s important to know how they’re calculated to ensure that you get the size bond you need. While no one can be expected to be an expert in all things related to their
How are Bid Bonds Calculated? Read More »
Change orders are standard in the construction industry, because no set of plans is perfect, and the project site conditions are rarely what they are portrayed to be. The change order can make for headaches for both the project owner and a contractor, partly because they may not always agree on the change or the
How Do Change Orders Affect Your Surety Capacity? Read More »
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
Does it Matter Where I Get My Bid Bonds? Read More »
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
Does It Matter Where I Get My Payment Bond? Read More »
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.
Does Requiring Bonds from Subcontractors Increase Bonding Capacity? Read More »
