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.
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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 »
The Infrastructure Investment and Jobs Act recently passed by Congress and signed by President Biden allocates a total of $1.2 trillion over the next 10 years. $550 billion of that is new funding for construction, which will be spent in the first 5 years. Various sources estimate that California will receive approximately $44.6 billion during
What the Infrastructure Bill Means for CA Contractors Read More »
In the surety world, the term “aggregate bonding capacity” is used to refer to the total amount of credit extended by a surety company to a particular contractor at any one time, and it is probably one of the most misunderstood aspects of surety programs for contractors.
What Sureties Look for in Your Work in Progress Schedule Read More »
Navigating the process to obtain a payment bond for a construction project can be overwhelming without the proper support. Part of our mission at CSBA is to help contractors understand the world of surety bonds so they can grow their business and win more projects. We’ll begin by discussing what payment bonds are and then
How to Apply for a Payment Bond for your Construction Project Read More »
New construction companies face a special set of hurdles when beginning, as any business does. It’s not just getting set up that causes barriers, but it’s getting the bonding in place to allow you to pursue the projects that will help your business grow. This means getting the right bond program can be critical to
What Sureties Look For When Bonding Newer Construction Companies Read More »
