Surety bonds are contracts between a business, bonding company and third party. They are purchased by businesses to confirm the fiscal worthiness of a company as well as to offer affirmation on their reputation. If a business should fail to comply with a contract the bond acts as financial coverage to the third party. Obtaining..
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The bonding process may seem like a paperwork inconvenience. The reality though is that without the financial support of bonds and the financial backing of surety bonding companies that often times the final result would not happen. This is why surety bonding is so important throughout construction process. Bonding ensures that all parties involved in..
If you are confused about hiring a contractor to do work around your home you are not alone. The terminology is a bit confusing, laws in each state are different and regulations are constantly changing which makes the whole process of hiring contractors to perform work on your home is difficult. Licensing within different trades..
When hiring a contractor there is a big difference between contractors that are insured, a contractor that is bonded or one that is both insured and bonded. Exactly what are those differences and how do they affect you as a homeowner? When a contractor is bonded and insured it offers an incentive for homeowners to..
Within the construction industry bonds are frequently used to help reinforce industry regulations and contractor/client relationships. Many of us outside the construction and bonding issue are at a loss when trying to understand the purpose of construction bonds as well as how they work to benefit each individual in the process. Don’t worry though because this article..