Payment bonds are required by law for public projects (meaning a construction project that is funded by tax dollars). However, public projects aren’t the only projects that you might come across a payment bond requirement. It is becoming more common to see payment bond requirements on private projects as well. So, how do payment bonds …
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 …
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 …
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 …
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 »
Our mission at CSBA is to help contractors navigate the complex world of surety bonds so that they can win the jobs that will take their business to the next level. If you’ve recently launched your own company or are pursuing performance and payment bonds for the first time, we understand that you have questions about the process. We’ll …
Performance Bonds vs. Payment Bonds: What’s the Difference? Read More »