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 …...
News
How to Cancel a Surety Bond
Though it’s unusual, there may come a time when you need to cancel a bond you have in effect, or when you face the danger of cancellation by another party. In general, this is not an easy process, as many states have enacted laws over the past several years which restrict the circumstances under w...
3 Types of Surety Bond Collateral
Many people are surprised the first time they seek a bond, to discover that collateral can become a vital part of the process. Since in many ways, a bond is more akin to a loan than to an insurance policy, bonding agencies can often desire something against which they can secure the services they of...
Commercial vs Contract Bonds
Anyone involved in the construction or contracting industries knows the importance—and the sometimes-unfortunate complexities—of surety bonding. Getting bonded carries so many benefits for your business, and may even be a legal requirement, depending on the work and individual project you’re p...
Arizona Little Miller Act Statute
The Little Miller Act is a state statute which is based upon the federal act known as the Miller Act. These acts are vital for regulating the performance bond and surety industries in states, and making sure that contractors can fulfill their responsibilities to not just their clients, but to their ...
Technology and the Construction Industry: The Coming Thing
Technology is a fact of life in every industry everywhere these days. You quite simply cannot get by, let alone remain competitive, without adopting the latest technologies in at least some aspect. Our entire society is ruled by and dependent upon technology in a way that it wasn’t, just ten years...
Construction Industry Outlook
2016 in many ways was a banner year for the construction industry with spending far up, to the tune of over 6% across the board in nonresidential construction and over 10% in residential construction. Because of this bounce-back, analysts had high hopes for 2017, especially since Federal policy was ...
2018 Construction Trends
Just like any business and industry, the construction industry follows trends in building that change from year to year. To remain competitive and solvent in the business, it’s essential to keep on top of the big coming thing. Unfortunately, the way these fads and trends move, it can sometimes be ...
Virginia Little Miller Act
As you pursue your contracting business, you’re going to have to face the need for bonds of various types sooner or later. Every contractor needs to be bonded to bid on certain types of project. In fact, at the Federal level as well as in many states bonding is legally required for any public proj...
Important Questions and Answers about Construction Surety Bonds
Just about every contracting and service business knows how important surety bonds are to your ongoing solvency and practice. Whether you’re a major contractor or a small startup, having surety bonds enables you to stay competitive, engender trust among your clients and grow your business. Even mo...