Learn how to get a contractor’s license in New York below, and work with Surety Bond Professionals to get a contractor license bond.
Read moreTexas contractors must obtain certain surety bonds in order to be awarded and begin working on federal public works projects within the state. Learn more about Texas payment and performance bonds below, and request a quote from Surety Bond Professionals today.
Read moreBid bonds and payment bonds are both surety bonds that are commonly required in the construction industry. But they serve different purposes and are required at different points in the contracting process. Let’s take a closer look below at bid bonds vs payment bonds, so you can understand the difference.
Read moreIn Massachusetts, general contractors are called Construction Supervisors. Anyone who wants to operate as a general contractor in Massachusetts needs a Massachusetts Construction Supervisor License—either restricted or unrestricted. Learn how to get a contractor’s license in Massachusetts below, and work with Surety Bond Professionals to get a contractor license bond.
Read moreThe construction bidding process for large public works projects is not quite the same as the process for bidding on smaller, private projects, but they share certain elements. That’s because the end goal is essentially the same—finding a qualified, affordable contractor. Sometimes that means choosing the contractor offering the lowest bid, but more often it means awarding the contract to the bidder offering the best value—the best combination of technical qualifications and cost. To arrive at that decision, project owners go through a series of steps in a predictable order. Here is some important information to know about how construction bidding works.
Read moreWhether you’re new to the bonding process or just want to clarify some things, our experienced surety agents at Surety Bond Professionals are here to help. Learn how to get bonded for construction below, and feel free to contact us today with any questions you may have.
Read moreNo industry involves a greater variety of surety bonds than the construction industry. Surety bonds are required in order to bid or work on virtually all public works projects and many private construction projects, including both new construction and remodeling.
Read morePerformance and Payment Bonds for Federal Government Year-End September is a very important month for federal government contractors as September 30th marks the fiscal year end for the federal government. This means that they need to spend their budget in a “use it or lose it” mentality. Government contracting officers will be busy putting together projects and putting them out to bid in an effort to spend their funds. This opens the door for federal government contractors to potentially secure a large amount of work to ensure that backlog is strong going into 2019. You may recall due to The Miller Act, a performance and payment bond is required to be furnished for all federal government projects over $150,000 in contract value. This means that a federal government contractor should have the ability to get performance & payment bonds in all states where they are performing work. Not only that, but there is the importance of having the best bonding program possible in place. Since the surety bond market is so soft, there is an opportunity to improve on most bonding programs. Surety Bond Professionals can improve on all bonding programs in terms of: – Helping contractors bid larger...
Read moreIf you’re just starting out as a construction contractor in Connecticut, or have predominantly taken on private work, it’s possible that you’ve never been required to obtain a performance bond before. Many public, local, and federal construction jobs require the low bidder on contracts obtain certain bonds before beginning work, and the performance bond is a common one that you’ll encounter. But in case you’ve never had to go through the process before, here’s some basic information about performance bonds, when you’ll need them, and what they mean for your business. Performance Bond Connecticut: Essential Information A performance bond is a type of surety bond that guarantees the work of a commercial contractor when working on a construction project. As a contractor, when you’re awarded a job by a developer, you may have to obtain a performance bond that ensures you’ll meet the contractual obligations of the job. In other words, a performance bond provides a guarantee that a contractor who’s been awarded a construction job will complete the job on time and by the contract specifications. When Do You Have to Obtain a Performance Surety Bond in CT? A performance bond in CT is required for any federal...
Read moreConstruction Bonds in New York Every construction job has a lot of moving parts, in the sense that it relies on a huge number of people with different skill sets. To ensure that all of these people carry out their duties properly and according to all applicable safety codes, construction bonds are usually required before a contractor or subcontractor can perform any work. There are several different types of construction bonds, including bid, performance, and payment bonds. Today we’re going to talk about the difference between a performance and payment bond NY, talk about who needs these bonds, and discuss why you still need insurance even if you have a surety bond. Everything You Need to Know About a Performance Bond in NY One common type of construction bond is a performance bond. As a contractor, you’ll often be required to obtain a performance bond from a surety company, and this acts as a promise to the client (the obligee) that you’ll complete the project as per the terms of the contract. This includes completing all the work, finishing on time, and coming in on budget. In a case where the contractor (the principal) doesn’t live up to those...
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July 3, 2023