Category Archives: Surety Bonds

Should a Subcontractor Obtain a Bond Program?

Bonded subcontractor shaking hands with a general contractor onsite

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, […]

Connecticut DMV Requires Bond Increases for Vehicle Dealers

Vehicle dealers sealing the deal in Connecticut

Effective July 1, 2022, the Connecticut Department of Motor Vehicles (DMV) requires the following businesses to increase their current license bonds. Vehicle repair shops Motor vehicle dealers (new and used) Leasing and rental entities  A license bond is required of applicants in various industries to meet state requirements to obtain a business license. In this […]

Oklahoma Grants New Freedoms to Marijuana Users and Growers in 2022

Seed Cannabis Co. with an Oklahoma marijuana bond

Various bills have recently been filed in Oklahoma regarding the production, use, and regulation of cannabis. Lawmakers are proposing many changes to the state’s marijuana industry, including a $25,000 bond requirement – regulated by the Oklahoma Medical Marijuana Authority (OMMA).  The state is also considering adding marijuana rights to the Constitution. During the 2022 November […]

What is an SBA-Guaranteed Surety Bond?

Small business partners excited about their SBA bonds

SBA bonds are surety bonds guaranteed by the Small Business Administration. Today we’ll take a deep dive into SBA bonds to help you understand what they are and if they’re suitable for your project. The Basics of Surety Bonds Contractors and construction companies often utilize surety bonds. A surety bond is a three-party agreement guaranteeing […]

What Does Bond Approval Mean? And What to Do After

Contractor getting bond approval with a surety company

After the underwriting process is complete and you’ve been informed of the good news – an approval on your bond request – you may be wondering what to do next. Here’s how the process generally works. The Bond Approval Process A bond approval means you have passed the bond underwriting process and met or exceeded […]

Regulations Around Surety and Insurance

working on surety regulations for construction job

Understanding Surety Bonds We’ve already done an in-depth explanation of what surety bonds are, but we’ll sum it up briefly. A surety bond is a three-party agreement, a written contract between the principal, the obligee, and the surety. The document is issued by a surety and legally compels the principal to fulfill contractual services or […]

What is an Instructional School Bond?

facility that requires an instructional school bond

An instructional school bond is a type of surety bond. Many states require schools to acquire these bonds to ensure their academic institutions faithfully fulfill contracts and agreements. Colleges and private schools often handle large financial transactions and are required to abide by strict regulations. If you’re a dean, private school board member, another college […]

Construction Bonds 101

construction bond process

3 Steps to Getting Your First Contract Bond Many companies do not pursue public work, simply because of the fear of having to obtain a surety bond. Bid bonds, performance bonds, payment bonds, and maintenance bonds are often required on every public construction project. I know this thought of potentially having to obtain surety bonds […]