Category Archives: Contract Bonds

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 […]

Subcontractors play a vital role in construction projects by providing specialized services to general contractors. They can offer a wide range of services, such as carpentry, plumbing, electrical work, and roofing. In this guide, we walk you through the process of becoming a subcontractor, from gaining the necessary skills and certifications to finding clients and […]

Effective January 1, 2023, contractor license bonds, qualifying individual bonds, and disciplinary bonds for all licensed contractors in the State of California will increase to $25,000. This announcement was first publicized in 2021 as a result of Senate Bill 607. The contractor license bond will increase from $15,000 to $25,000, and qualifying individual bonds will […]

Several variables determine whether a construction project ends up being successful. One of the most important factors is the subcontractor’s performance. There’s no secret to that statement, which is why we’re seeing the number of subcontractors requiring bonds increase. Bonds Can Increase a Subcontractor’s Chances for Success Whether it’s the project owner, general contractor, bank, […]

Third-party companies (contractors) that provide services to school districts are often required to post bid and performance bonds. Bus routes are a great example. Before a school bus service provider has a project in hand, they must first bid on the desired job. There are many bid submittal items, but one that is often overlooked […]