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 »
There are several types of surety bonds that are important to the construction business, but just knowing what they are isn’t enough to take advantage of the opportunities in bonding. It’s important to understand how a payment bond works and how it applies to your bidding on a job. Before covering how do payment bonds
How Does a Payment Bond Work? Read More »
Whether you’re a seasoned contractor or newer to having your own business, you’ll likely soon be in a situation where a surety bond is required. While there are many questions contractors have around surety bonds in general, one popular one is: What types of contracts usually call for a performance bond? Before we can list
What Types Of Contracts Usually Call For A Performance Bond? Read More »
What a bid bond is, when it’s required, and what the requirements are to get one are all important things to understand as a contractor. They are often an important part of getting the construction jobs you’re after and failing to understand the process of getting one not only can cost you the bid but
When is a Bid Bond Required? Read More »
A surety bond term is important to know and to understand your options no matter the type of surety bonds you may need for a job. The length of time a surety has before expiring is essential to keep in mind when bidding on a job or after you’ve won the bid so that you
How Long Does a Surety Bond Last? Read More »
To many contractors, accounting is a foreign language and a necessary evil that they would rather spend as little time as possible involved with. What isn’t often considered is how having quality internal financials can help increase your bonding capacity and grow your business through properly set up procedures and an accounting system. Surety companies
How Investing in Quality Internal Financials can Increase Bonding Capacity Read More »
Considering that both bid bonds and performance bonds are essential to the construction industry, it’s important to understand the details of a bid bond vs. performance bond. There are several key differences between the two that not only help your bidding on projects but can grow your contractor business if both bonds are handled well.
Bid Bond vs Performance Bond Read More »
One of our main objectives here at CSBA is to improve the surety literacy of contractors and help them to operate better. As part of that mission, we felt it was important to write a guide to the types of surety bonds contractors use to secure bids and perform work. While many of these surety
A Guide To The Types of Surety Bonds in Construction Read More »
When discussing surety bonds vs. insurance policies, it’s important to understand the key differences, because they have very different purposes and ways of obtaining them. Since surety bonds are often called “surety bond insurance” or “surety insurance,” it’s easy to understand why the differences between the two become blurred to contractors. To help dispel any
Surety Bond vs. Insurance Policy: What’s the Difference Read More »
Contractors sometimes stick with those they’ve worked with in the past, including remaining with their insurance agent to get bonded, without considering whether it is best for their business. It’s understandable to remain with someone you know, but by doing that you’re forgoing the advantages of working with someone who specializes in surety bonds. This
Difference Between Surety Specialist & Insurance Agent Read More »