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Surety, Contractors and Government Assistance

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 […]

Demolition Contract Surety Bonds

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 […]

Surety Bonds and OldCo/NewCo Ownership Transition

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.

Annual Bid Bonds

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 and Cleaning Contracts

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 […]

Arizona Contractor License Bond

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 […]

Performance Bonds and The Coronavirus

  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 […]

Performance Bonds – Everything Contractors Need to Know in 2020

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.

Verifying a Surety Bond

Surety bonds serve to protect the obligee by guaranteeing the performance or payment of an obligation. A valid surety bond can be an excellent tool to protect owners, consumers, contractors, and suppliers. Unfortunately, many people who ask for surety bonds do not take the extra steps to verify those bonds or to make sure they […]

Everything Contractors Need to Know about Bid Bonds in 2020

Hello, and welcome back to Work in Progress. My name is Ben Williams with MG Surety Bonds, and this is our show dedicated to surety bonding and all things construction. Today we’re going back to the basics to talk about one of the most common types of contract surety bonds, which of course are bid […]