Category Archives: Contract Bonds

When you’re pursuing larger construction projects, proving your qualifications starts long before you submit a bid. In many cases, project owners, developers, or general contractors want reassurance that you’ll be able to obtain the required surety bonds if you’re awarded the work. That’s where a letter of bondability comes in. Whether you’re bidding on your […]

The Contractor’s Bond Readiness Checklist: 6 Steps to Prepare Before You Bid Winning a project often comes down to more than having the lowest bid. If the project requires surety bonds, you’ll also need to demonstrate that your business is financially stable, experienced, and prepared to complete the work successfully. Unfortunately, many contractors wait until […]

Colorado’s new retainage bond requirement (HB 26-1311) introduces a smart way for contractors to manage cash flow on construction projects. Instead of waiting months to recover retained funds at the end of a job, contractors can now use a surety bond to access that money sooner. This means more working capital during the project—helping contractors […]

Getting approved for a surety bond is just the first step. Maintaining your bond program — and increasing your bonding capacity over time — requires consistent financial management, documentation updates, and ongoing compliance with underwriting expectations. Contractors who actively manage their bond program are often able to: Qualify for larger projects Increase single job limits […]

If you’re applying for a construction surety bond — whether it’s a bid bond, performance bond, or payment bond — your approval doesn’t just depend on your credit score or business size. Underwriters evaluate your company’s financial strength, experience, project history, and overall ability to complete bonded work successfully. Submitting a complete and well-organized bond […]

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 […]

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 […]