When applying for a surety bond, particularly in industries like construction and law, understanding the concept of collateral and its significance can empower you to navigate the bonding process with confidence and knowledge. Collateral is sometimes a requirement from a surety for a high-risk bond. Other times, it can be a viable solution for a […]
Category Archives: Contract Bonds
24
Aug
Aug
It’s common for contractors to face challenges when it comes to obtaining the contract bonds needed to win, start, and finish projects successfully. Fortunately, there are several solutions for hard-to-place contract bonds. Whether you have a large bid spread, had a rough year financially, have less-than-ideal credit, or lack the experience needed to win the […]
12
Aug
Aug
Prospective contractors must obtain a contractor license bond to work in the U.S. These bonds are required across the United States for various types of contractors, both residential and commercial, at the local or state level. Contractor license bonds will protect clients, the public, and the government that may be affected by a contractor’s work […]
06
Aug
Aug
As a contractor, navigating the world of surety bonds can feel complicated, especially when starting out. Surety bonds play a crucial role in the construction industry, offering financial protection and assurance to all parties involved in a project. To help you demystify the intricacies of surety bonds, we’ve compiled a comprehensive FAQ guide on construction […]
20
Jul
Jul
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 […]
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 […]