Summer is upon us now, and with the Fourth of July upcoming, followed by Labor Day at the end of summer, it’s a high travel season. This can also make construction sites even more dangerous than usual, especially when combined with high heat and the dangers that come with it. Of course, no contrac...
Category: Bonds
Looking to Increase Your Bonding Capacity?
A contractor’s bonding capacity is an essential part of their business. It is the highest dollar amount that a contractor is approved for when it comes to bonding with a particular surety. Why is this amount so important? It specifies the biggest job that a contractor is able to bid on when a ...
What is Bonding Capacity?
Whether you are a client or contractor, you might find bonding capacity confusing. If so, you are not alone. Many people are confused regarding what bonding capacity is and when, if or why they need it. If this describes you, let our quick and easy primer demystify the bonding capacity process for y...
Key Components in Determining How Much Does a Contractor Bond Cost
Contractor bonds are essential in the construction industry as they bind the construction company, the company’s client and the surety together. They are essential for keeping everyone accountable for the agreed upon project. You’ll be hard pressed to find a project that doesn’t require a cont...
Key Differences in the Bid Bond vs Performance Bond Question
Two of the most important kind of surety bonds for any construction project are bid bonds and performance bonds. While both can be important, there are some major differences in the bid bond vs performance bond question. If you want success in your next contract, you need to know the differences. Th...
What is Bid Bond and Performance Bond and Why They Matter
The two primary types of surety bonds used for construction projects are bid bonds and performance bonds. While both can be essential to your project, it’s important to know the difference between them and why they matter. Before you sign on for any surety bond, you need to make sure you have the ...
Key Differences in the Performance vs. the Payment Bond Question
Performance bonds and payment bonds are two of the most common and important surety bonds you’ll deal with on a regular basis in your construction or contracting business. They provide not just peace of mind and a good reputation for you, but vital coverage should something go wrong on the job and...
Performance vs. Payment Bonds: Why the Difference Matters
As you set out to get your company bonded for your next project, it’s important to understand the different kinds of bonds you’ll face. Two of the most important are performance bonds and payment bonds. While both are likely required for government projects under your state’s Little Miller Act...
Factors That Go Into How Much Does a Surety Bond Cost
We all know the importance of being bonded as a contracting business. It’s a safety blanket for you and for your principal in case things go bad on the job. It’s a sign of confidence that you have the ability to stand behind your word and your work. It’s a good faith manner of binding …...
How Surety Bonds are Paid
One common misconception about surety bonds is that they are just another form of insurance. That’s right in the sense that they offer a sense of security that you can complete the work you promise to complete. It’s not technically correct in the traditional sense of what insurance is and what i...