Contractors in the State of Washington are required to be licensed and have a Washington Contractor License Bond. Each contractor must register with the Department of Labor and Industry (L&I) to perform work. They must also post a Washington Contractor License Bond and evidence of insurance to protect the public. What Does a Washington Contractor […]
Municipal bankruptcies could have a negative impact on contractors and their surety bonds. COVID-19 has presented challenging times that are unprecedented in modern society. Unfortunately, those impacts are being felt by everyone. Unemployment is skyrocketing as businesses are forced to shut down for extended periods of time. These impacts are also having a major detriment […]
A Fuel Tax Bond is a specific type of commercial surety bond used by fuel suppliers, sellers, mixers, etc. It is a requirement to receive licensing for this industry. The surety bond provides a guarantee of payment for fuel taxes.
Like many states, Oregon requires contractors to be licensed and to post a valid Oregon Contractor’s License Bond in order to work in the state. The state deems that anyone doing work for compensation will need a license and a license bond. The license bond is meant to protect property owners by ensuring that contractors […]
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 […]