Category Archives: Contract Bonds

Do You Need Surety Bonds for Private Construction Jobs?

Contractor with a surety bond working with a homeowner on a private job

You already know that you need surety bonds to work on public construction projects. The Miller Act made sure of that – requiring contractors planning to work on any contract exceeding $100,000 to post a payment and performance bond. From bidding on a project to accepting and completing it to the quality and specifications outlined […]

Contract Bonds for Commercial Jobs: A Beginner’s Guide to Contract Surety

construction bonds for contractors

Commercial bonds and contract bonds are often required for certain businesses to operate in a state or get hired for jobs. This article will discuss the differences between the two and go into more detail about various types of contract bonds. Key Takeaways The government often requires commercial bonds for an organization to secure a […]

Surety Bond Qualification for Bid, Performance, & Payment Bonds

Contactor qualifying for a surety bond

“How can I qualify for a bid, performance, or payment bond?” The answer to this question will depend on the size of your project. The larger the job, the more information you will need to provide for surety bond qualification and to obtain your bond. Qualifying for Bonds on Small Jobs If the bond is […]

Contract Bond Underwriting 101: What Do Underwriters Need?

Contract bond agreement for a new project

A surety bond is a financial guarantee. For a surety company to accept the risk of providing this financial guarantee, it must undergo an underwriting process to determine the risk level of the principal who needs the contract bond. Below we define commonly requested underwriting information and address why a surety company may ask for […]

What Is a Contract Bond?

contract bond

Most people have heard a cautionary tale about contracted work. Websites like Angie’s List became popular to help people safely identify contractors with a proven track record of completing work in agreement with contracted terms.  These apprehensions toward contracted work exist in both the personal and business worlds. Contract bonds are used to offer financial […]

Commercial Bonds vs Contract Bonds

contract bonds

Commercial Bonds vs. Contract Bonds: How Are They Different? 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 […]