Most good businesses out there advertise themselves as being “bonded and insured,” which can seem confusing, as most people think that bonds and insurance are the same things. Isn’t that phrase, then, redundant? The truth is that no, it’s not precisely redundant; there are certain important ...
Month: August 2017
Preparing for September’s Bond Renewal Deadline
Some surety bonds expire on September 30. That deadline is coming quickly, and if you have one of these bonds you’ll need to make sure you have everything in order to renew before that deadline approaches so you can continue to conduct business legally. It’s vital to have your bond renewal in pl...
Four Crucial Factors to Consider When Shopping for a Surety Bond
Surety bonds are not all created equal. Companies requiring surety bonding must be certain that the bonds they get have the features they need to conduct business, and they should also look for a positive experience from their bonding agency. Price is one consideration, but so is speed and service r...
Contractor Surety Bonds Explained
Contractors are frequently required to obtain surety bonding before they can be eligible to participate in a project. This requirement stems from the U.S. Miller Act, which set a precedent that publicly funded projects valued at $100,000 or more must be secured by performance and payment bonds. Thes...