The moment has finally arrived; the Small Business Administration is pushing enhancements to their struggling bond program. The improvements are small, but it’s a step in the right direction.
In many cases small businesses and federal construction jobs mix like water and oil; they avoid each other. The government seems to gravitate to larger contractors as they have relative ease getting bonded in standard surety markets. The small contractors avoid the government funded SBA (Small Business Administration) Bond Guarantee Program, which is in place read more »
Green energy is here to stay and the state of Illinois is taking advantage of it via wind farms. Once the wind farms have served their point, they must be decommissioned or removed for the environment’s sake; surety bonds are one way to assure that it happens.
Whether an entrepreneur is opening a new car dealership or a contractor is building a bridge, surety bonds exist to guarantee business will be done properly. When it comes to federal construction projects, some deceptive contractors will try to sneak their way through surety regulations that are in place to protect the public; and that’s read more »
The world of surety seems to be doing just fine amidst the down economy. There are still a lot of construction jobs available and many bonds to be written; but could the healthy appearance of the surety industry be somewhat of an illusion?
The surety bond industry is a quirky one. Should you already have bonds or foresee needing bonding in the future, it’s important to have good communication with your surety company. Poor communication can bring about avoidable lawsuits just like it did for a couple of condominium complexes in New York City.