If you’re hiring an out-of-state (non-Minnesota) construction contractor for a Minnesota project — or you are that contractor — Minnesota’s surety deposit rules can impact your payments, timelines, and cash flow. Minnesota’s Department of Revenue (DOR) recently updated its guidance and continues to emphasize a key compliance point: the hiring party may need to withhold […]
Category Archives: Contract Bonds
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Dec
Dec
Why Contractors & Agents Are Switching to ZipBonds A Better Way to Get Surety Bonds — Fast, Smart, and Supportive Get the full article here! Expertise That Truly Matters 1. We ONLY do surety bonds. No insurance distractions — just deep surety knowledge and solutions that work for your business. 2. Speed You Can Count […]
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Dec
Dec
Definition A bond program is a pre-arranged agreement that gives contractors ongoing access to surety bonds without restarting the full underwriting process each time. In effect, it’s like having a “line of credit” specifically for bonding. Once approved, you can quickly draw bonds for new jobs instead of beginning from scratch every time. Why Contractors […]
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Oct
Oct
What Is the SBA Surety Bond Program? The SBA Surety Bond Guarantee (SBG) Program helps small and emerging contractors qualify for bid, performance, and payment bonds when they might not meet standard underwriting requirements. The SBA guarantees up to 90% of the bond, allowing sureties like ZipBonds to confidently approve more contractors. 2024 Program Updates […]
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Sep
Sep
Payment and Performance Bonds Explained: Fast and Simple with ZipBonds If you’re bidding public projects, you’ll need these two contract bonds. Learn what they are and how to get them FAST. What are payment and performance bonds? Performance Bond: Guarantees project completion for the owner Payment Bond: Ensures subs, suppliers, and workers get paid Who […]
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Feb
Feb
There are several types of surety bonds. Two of the main categories are contract bonds and commercial bonds, which we’ll cover today. While they have overlapping similarities, they also have some distinct differences that set them apart. Read on to learn when and why you might need to obtain one of these types of surety […]
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Jan
Jan
If you’re a contractor or involved in bidding on construction projects, this post will equip you with valuable insights. We’ll dive into what a bid bond is, how it works, the costs involved, and the application process. Bid Bond Definition A bid bond, a type of construction bond, guarantees a contractor will submit a bid […]
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Jan
Jan
Becoming a contractor can be a fulfilling and rewarding career choice. You’ll have the opportunity to lead projects, showcase your skills, and build a successful business. If you’re interested in a career in construction, this guide is a great starting point.