The Coronavirus (COVID-19) is taking a major toll on the U.S. and World Economies. Construction businesses have been affected in various ways. For some, it has been business as usual as they are deemed “Essential” and continue to operate on various projects. For others, mandatory shutdowns have created the same hardships felt by many other […]
If you have ever watched a home improvement show, you know how excited the producers get over the demolition. In truth, most demolition contracts are much more complicated than throwing a sledgehammer through some drywall. On a commercial project, it is a heavily planned and important part of the overall job. Often, these contractors need […]
Banking relationships are important to surety bond underwriting. By now we all realize that COVID-19 has changed the economic outlook for 2020. A $2 Trillion Stimulus Package should help the U.S. Economy but the long term implications are unknown and many believe we are headed for a recession. Fortunately, for construction companies, most have been […]
Perpetuation planning is an important part of surety bond underwriting and it is important for contractors to start the planning process early. One great way for companies to transfer ownership of their company and maintain surety bonding for the new company is referred to as OldCo/NewCo.
What is an annual bid bond and how is it different from a standard bid bond? Usually, bid bonds are written on a project-specific basis. A contractor provides a new bid bond to the Obligee (Owner or contractor asking for the bond) along with each bid proposal. You can read more about standard bid bonds […]
Janitorial Bonds are often needed to guarantee the cleaning services of large government buildings, educational facilities and even private properties. COVID-19 is taking a dire toll on the world economy and putting a major strain on most businesses. One industry that has seen demand spike, however is the commercial cleaning industry. In fact, one report […]
An Arizona Contractor License Bond is a surety bond that is required by the state before your contractor license can be issued. The purpose of the license bond is to protect the interests of your customers and to make sure all applicable regulations and laws are upheld. The Principal on these license bonds is the […]
As the Coronavirus (COVID-19) continues to expand around the United States and the World, it may only be a matter of time before U.S. construction projects and possibly contractor performance bonds are also affected by the virus. We know that performance bonds guarantee that a project will be completed by a contractor according to […]
Welcome back to Work in Progress. I’m Ben Williams with MG Surety Bonds and this is our show dedicated to surety bonding and all things construction. Today we’re continuing to talk about the basics and we’re going to tell you everything you need to know about a performance bond, stay tuned.
Developer surety bonds go by many names including Site Improvement Bonds, Plat Bonds and Subdivision Bonds. Whatever you call them, the booming construction economy has also increased the need for these bonds. Here are some considerations for contractors, owners and developers on how to get one and what to look for.