In recent years, the Federal Government — and U.S. Army Corps of Engineers in particular — has moved away from an open competition sealed bidding process for construction contracts towards a Multiple Award Task Order Contracting (MATOC) bidding system. Under this system, a pool of qualified bidd...
Category: News
Will Surety Bonds Change With the Construction Industry?
Construction is set to get a whole lot… weirder in the future years ahead. Already, we have robot masons, Elon Musk digging up L.A. and plans for “forest cities” straight out of a sci-fi novel. The question is: will surety bonding change alongside the construction industry? While “almost cer...
Trump Administration Wants to Put $1 Trillion Into Infrastructure Projects
Echoing a campaign promise both sides of the aisle have gotten behind, President Trump reminded Congress of his plans to restore our nation’s infrastructure during his address a few weeks back. “Crumbling infrastructure will be replaced with new roads, bridges, tunnels, airports and railways gle...
Advantages of Working With Surety Experts Instead of Insurance Agents
Many contractors and construction firm owners go through their insurance agent to find surety bonding because they are not aware of the benefits of looking to a surety specialist. In fact, some may not even be aware that there are other options since many insurers act like they are the sole gatekeep...
Preparing Your Company for the End of the Federal Fiscal Year
The federal fiscal year ends in September, which means that federal agencies have until then to spend the remaining money allocated in their budget — or face losing it forever. Worse, any money they don’t spend ends up reducing their budget for next year, strongly incentivizing government entiti...
Alabama’s Little Miller Act
After covering the U.S. Miller Act and Georgia’s Little Miller Act in detail, we are moving on to Alabama’s own version of the Miller Act along with the unique provisions and requirements it lays out. Alabama’s Little Miller Act has less strict requirements than similar laws applying to federa...
Business Continuity Plans Should Be an Essential Part of Estate Planning
Many people are familiar with estate planning and how it can help their family in the event of their untimely death. What these people may not know is that estate planning alone cannot help reduce the your company’s odds of failure if you happen to pass. To ensure that your company can survive lon...
Why Work with a Surety Agent Instead of a General Lines Insurance Agent?
Lots of confusion surrounds surety bonding, including the fact that surety bonding services appear similar to general lines insurance. Because of this confusion, some contractors may wonder “Why can’t I just get insurance instead of surety bonding?” The truth is that contractors likely needs b...
The Difference Between Performance, Payment, and Bid Bonds
Surety bonding products reduce project owners’ risk when they are trying to award contracts to construction companies. When talking about construction projects, three types of surety bonds get discussed most often: performance bonds, payment bonds, and bid bonds. All three can be critically import...
Surety Bonds and Getting Your Startup Construction Company Off the Ground
Starting your very own construction company can be a lucrative venture right off the bat as long as your business has been structured well and it secures the needed financial backing. When it comes to financial backing, surety bonding will be one of the most essential to helping your company secure ...