Being a contractor means more than just swinging hammers and laying bricks. It’s about establishing trust and credibility with your clients. One way to do that is by being licensed and bonded. But what exactly do these terms mean, and why are they so important? Let’s break them down. What does “licensed” mean for a […]
Category Archives: Contract Bonds
13
May
May
Bonding capacity determines the maximum amount of work a contractor can undertake at any given time. Securing bonding capacity is crucial for contractors looking to take on larger projects and expand their businesses. To increase this capacity, contractors need to focus on several key factors: Business net worth Business working capital Personal net worth The […]
28
Apr
Apr
Bidding on projects in the public sector can be a lucrative opportunity for contractors, but it also comes with its own set of challenges and requirements. If you’re new to bidding public work, you may be surprised at some things you face that differ from the private sector. How is bidding public work different from […]
15
Apr
Apr
Contractor bonds are essential tools that help ensure smooth operations and the fulfillment of contracts before, during, and after construction projects. In this article, we explore these bonds in depth. Whether you’re a seasoned pro or just starting out, this guide will equip you to navigate surety with confidence. We cover why these bonds are […]
07
Apr
Apr
Effective March 18, 2024, the U.S. Small Business Administration has increased its contract limits under the Surety Bond Guarantee Program. This adjustment accounts for the 34.46% inflation since 2010. Read on to learn how these new limits may affect your business and your ability to get bonded for larger federal contracts and other projects. SBA […]
19
Feb
Feb
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.
17
Feb
Feb
In the world of construction, trust is paramount. Clients need to know you’ll deliver quality work on time and within budget. Bonding companies play a crucial role in fostering this trust by providing financial guarantees that protect clients from unforeseen circumstances. But with a myriad of bond providers in the arena, how do you choose […]
20
Aug
Aug
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 […]