As a contractor, you know that bonding capacity and the ability to get surety bonds are essential to bidding on jobs. What isn’t always clear are the factors that you can leverage to increase bonding capacity, which is why many contractors that have personal assets wonder if sureties include those in when determining bonding capacity. […]
Do Sureties Consider Personal Assets When Determining Bonding Capacity? Read More »
Applying for a surety bond isn’t so routine that a contractor is immune to making mistakes. In fact, lots of contractors make mistakes on their application without knowing, and when their bond application is denied, they chalk it up to many reasons that may have nothing to do with the rejection. To help California contractor
5 Common Errors Contractors Make When Applying for Surety Bonds Read More »
Contractors, like anyone with a business, would naturally want the best rate for anything necessary. With surety bonds, getting the best rate has less to do with where you go to get a lower price than what you do to prepare for applying to get bonded. To position yourself for the lowest cost you can
How to Best Position Yourself for the Lowest Surety Bond Cost Read More »
Surety bond rates are determined on a case by case basis, which makes it much more difficult to know if you’re paying too much for your surety bonds. It’s tempting to point a finger at the surety company and say they’re simply charging too much, but there are several things a contractor can do to
How to Know if You’re Paying Too Much for Your Surety Bonds Read More »
Whether you’re looking into bonding for the first time or have reached a point where CPA statements are part of the bond requirements, you may find yourself wondering if financial statements from a CPA are always required for bonding. To answer that question and ensure you understand why someone would require a financial statement prepared
Are Financial Statements from a CPA Always Required for Bonding? Read More »
Increasing your bonding capacity provides you with the ability to bid on larger and larger jobs, increasing the growth of your company and furthering your success. How to increase your bonding capacity is where many contractors get lost, which is understandable as there can be a lot of moving parts to consider. There are three
3 Things Contractors Can Do to Increase Bond Capacity Immediately Read More »
There are many terms in the construction industry that may seem alien or confusing to a contractor, especially if they’re similar. One good example of terms that can confuse is bid bond vs. bid security and what the difference is. Beyond knowing that bid bonds can often be required in order to bid on a
Bid Bond vs Bid Security Read More »
The surety world can be confusing for contractors as there are many kinds of bonds you’ll be faced with in order to bid on public construction projects or when required for private ones. It’s easy, especially when newer to obtaining a surety bond, to mistake one kind of bond for another type of surety bond.
Surety Bond vs. Performance Bond Read More »
There are several kinds of surety bonds contractors might be required to provide, especially if seeking public works construction projects. Some of these bonds are required in different industries as well, so it’s a natural question to ask what a contractor payment bond is. Some bonds can even sound similar to each other or use
What is a Contractor Payment Bond? Read More »
When a contractor is required to obtain a bid bond, perhaps for the first time, you’ll likely come across information speaking to bid guarantees and wonder what the difference is between them and bid bonds. The surety world can be complex, with financial terms and processes that are alien to most contractors. Below you’ll find
Bid Guarantee vs. Bid Bond Read More »
