Category Archives: Contract Bonds

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

Performance bonds are an important part of the construction industry. They can protect project owners from financial losses if their contractor fails to complete a project as agreed. Performance bonds also help ensure subcontractors and suppliers are paid for their work. In this article, we’ll cover what performance bonds are, why they’re necessary, the parties […]