What are International Surety Bonds? Well that depends on where you call home. Although we have customers and readers around the world, our headquarters is in the United States. This article writes international surety bonding from that perspective. International surety bonds include a wide variety of common surety bonds including the following: • Construction Bonds […]
Personal Protective Equipment or PPE is in high demand. Many public and private entities are placing large orders for supply of PPE and are asking the suppliers to provide Bid Bonds, Performance Bonds or Supply Bonds guaranteeing the delivery of these products. Unfortunately, many manufacturers of PPE products have never been asked for surety bonds […]
A Release of Mechanic’s Lien Bond can be an effective tool for Project Owners and Contractors alike. They can also be confusing and misunderstood by all parties. In this article, you can learn what you these surety bonds cover and how to get one. A mechanic’s lien is a valuable tool for contractors and material […]
Did you know that the Small Business Administration has a program for surety bonds? The program is called The Surety Bond Guarantee Program or SBG for short. The SBA itself is not a surety bond company. However, in the program the SBA will guarantee that if a surety bond company does suffer a loss, the […]
What is in a single word? Well a lot if you are a contractor expecting to be paid for your work. Contingent Payment Clauses are very important to surety bond underwriters and they should be to contractors as well. Receiving payment is vital for every for-profit business. This is especially true in construction because contractors […]
Most contractors in Alaska need a valid contractor license and a valid Alaska Contractor License Bond to legally operate in the state. The license bond protects the public by ensuring that the contractor will perform their obligations and operate according to state and local laws. Specifically, Alaska requires the Contractor License Bond to protect the […]
In this article, we answer some of the most frequently asked questions about surety bonds. Surety bonds can be confusing, and MG Surety Bonds is here to make the process easier. What is a Surety Bond? A surety bond is a three-party guarantee between a Principal (party making the promise) the Obligee (party receiving the […]
Nevada contractors must put up a Nevada Contractor License Bond to operate in the state. This is a surety bond that guarantees that the contractor will comply with state laws and regulations. A contractor who violates those obligations may have a claim made against the license bond. This protects the general public by making funds […]
The Paycheck Protection Program has had a significant impact on contractors and their surety bonds. However, many contractors have questions about how this may affect their bonding by bringing on additional debt. Many good construction companies have been conditioned to avoid interest bearing debt when possible. However, the circumstances surrounding COVID-19 are extremely rare and […]
It may surprise some that the surety bond market cycle does not follow the general economy exactly. It is important for contractors and all users of surety bonds to understand how the cycle works and what could happen to the surety bond marketplace in the future. Competitive Surety Market Conditions The chart below shows the […]