Securing a general contractor license is a significant milestone, opening doors to new opportunities. However, meeting licensing requirements is essential, including obtaining a surety bond. Surety bonds serve as a financial safety net, protecting clients and the public from potential losses due to incomplete projects or subpar workmanship. This guide will break down the process..
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The Build America, Buy America Act (BABA) has introduced significant changes to the procurement policies governing federal funding for state and local construction projects. As the most extensive domestic preference law in U.S. history, BABA mandates that all federally funded projects use American-made iron and steel, manufactured products, and construction materials. For those in the..
Surety bond underwriting involves the pre-approval and evaluation of two primary performance requirements. These requirements, determined by the principals, are assessed to evaluate their risk level. The underwriting process encompasses a variety of concerns. Here are 10 key underwriting concerns you should be aware of: It is crucial to address these concerns before proceeding with..
Surety bonds have been a significant part of the commercial landscape for over a century. In fact, the concept of suretyship—providing guarantees—dates back several centuries. Although surety bonds are classified as a form of insurance due to capital requirements, they function more similarly to a banking instrument. This is because a contractor must qualify for..
When you’re navigating the world of contracting and construction, understanding the different types of bonds can be crucial. Among these, Contractor License Bonds and Permit Bonds stand out for their role in ensuring compliance and ethical practices. This article describes these two bonds, explaining their importance and how they function within the industry. What are..