Surety bonds are absolutely vital to the construction industry. They provide confidence to your employees and clients that you, as a business, are able to live up to your obligations, complete the work you agree to complete, and live up to all of your contractual obligations. They’re peace of mind...
News
Surety Bonds vs. Insurance
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 ...
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...
Mississippi’s Little Miller Act
Like other U.S. states, Mississippi has instituted a series of laws similar to the U.S. Little Miller Act. These laws protect public construction projects from builder’s liens by transferring liability to a surety agent. Surety bonds provided under the Little Miller Acts generally guarantee “ful...
Tennessee’s Little Miller Act
The state of Tennessee maintains its own set of laws mandating bonding for publicly funded projects, which are referred to collectively as Tennessee’s Little Miller Act. Unlike many other states, Tennessee’s set of Little Miller Act statutes offer much more flexibility when it comes to bonding. ...
South Carolina’s Little Miller Act
The South Carolina version of the U.S. Miller Act contains several requirements that make it different from its counterparts in other states. It is one of the few Little Miller Acts to require a bid bond, for instance. It also contains specific language intended to apportion the total available valu...
North Carolina’s Little Miller Act
North Carolina maintains a version of the federal Little Miller Act, which protects public construction projects from liens by mandating that all contractors maintain performance and payment bonds in the amount of the full value of the contract. The “Little Miller Act” version for North Carolina...
The Three C’s: Credit, Capacity and Character
One of the biggest challenges of being a small construction company is struggling to compete with the big boys. You feel like your resources are limited and the field is skewed against you. After all, how can you compete with someone who has many millions of dollars at their disposal? The key is the...