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..
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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..
Construction sites are inherently risky, with ever-changing environments requiring vigilant safety practices. Safety walks are crucial for identifying and addressing potential hazards before they escalate. These routine inspections help ensure worker safety and compliance with regulations. Key components of a safety walk include: Safety walks are a routine check and a cornerstone of a comprehensive..
As highlighted by PilieroMazza, small business joint ventures (JVs) aiming for set-aside work must adhere not only to Small Business Administration (SBA) JV regulations but also to relevant state laws. A recent ruling by the SBA’s Office of Hearing and Appeals (OHA) underlines the critical importance of this dual compliance. In the case of SysCom,..
In the complex world of real estate finance, maintaining integrity and trust is crucial. In Michigan, one of the key tools for ensuring these principles in the mortgage brokerage sector is the Mortgage Broker Bond. This type of surety bond plays a vital role in protecting consumers and ensuring that mortgage brokers adhere to state..