Category Archives: Contract Bonds

What Is Bonding Capacity (for Contractors)?

Contractor working to increase bonding capacity

Contractors will likely need various surety bonds to start and complete construction projects. These bonds may be required by the government or the project owner to protect the service recipient financially, ensuring the project they’re funding is completed as promised. As a contractor, it’s important to understand what bonding capacity is, the factors that impact […]

What Is a Completion Bond in Construction?

Contractor with a completion bond checking out the new site

In this guide, we’ll explore what completion bonds are, how they differ from performance bonds, the parties involved, how claims work, and more. We’ll also share what information you need to apply for a completion bond successfully if you need one.  In other words, we’ve got all your pressing questions covered! Read on to learn […]

Funds Control in Surety (Quick Guide for Contractors)

Contractor who worked with a surety and needed funds control for a new project

What is funds control? And when is it necessary? As a contractor, can it be advantageous to understand this concept before applying for a bond? In this article, you’ll learn how funds control works and how it protects contractors and sureties during the bonding process. What is funds control? Funds control is a process that […]

What Is a Payment Bond?

Contractor with a payment bond speaking with a subcontractor

Construction projects demand extensive collaboration between multiple parties, such as contractors, subcontractors, suppliers, and project owners. In this intricate web of transactions, it’s crucial to establish a reliable system that protects the interests of everyone involved and guarantees timely payments for the hard work and resources invested. Enter the payment bond – a powerful tool […]

What Is a Maintenance Bond? A Complete Guide

Contractor with a maintenance bond

If you’re a contractor or project owner seeking clarity on maintenance bonds, including coverage requirements, costs, and key differentiators from warranty and performance bonds, you’ve come to the right place.  In this blog post, we’ll explore all aspects of maintenance bonds, providing valuable insights and helping you navigate the world of surety bonds. Let’s get […]

What Is a WIP Schedule in Construction?

Contractor working on his WIP schedule

In the construction industry, managing ongoing projects efficiently is crucial for success. One essential tool that aids in tracking progress and financial performance is a work-in-progress (WIP) schedule.  In this blog post, we explore what a WIP schedule is, why it’s important, the benefits of utilizing it effectively, and how to create an effective WIP […]

What Is a Supply Bond? A Comprehensive Guide for Contractors

Supplier working in a warehouse for a contractor

Are you a contractor looking to expand your knowledge construction bonds? Today, we’re covering the differences between supply bonds and performance and payment bonds, when supply bonds are necessary, how much they cost, and more. We’ll also shed a little light on the Federal Miller Act, a crucial legislation concerning construction bonds. Let’s start with […]