For construction and contracting companies looking to get bonded, the process can be somewhat confusing. While you’ve probably heard lots of information about performance and payment bonds, the two core concepts at the heart of the surety and contracting industry. Did you know there are easily a dozen different kinds of bonds, each designed to … Continue reading “Understanding the Various Types of Surety Bond”
If you run a contracting business, you’re going to come up against the requirement for surety bonding at some point in time. Whether it’s the U.S. Miller Act, any of the state Little Miller Acts, or local and regional requirements, being bonded is quite simply a necessity to keep your business operating and compete with … Continue reading “Understanding Surety Bonds”
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, many contractors are confused at the … Continue reading “Performance vs. Payment Bonds: Why the Difference Matters”
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 both. All licensed contractors need some form of insurance in order … Continue reading “Why Work with a Surety Agent Instead of a General Lines Insurance Agent?”
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 important or even required in order for your construction company to successfully … Continue reading “The Difference Between Performance, Payment, and Bid Bonds”
