Individual surety ship is said to be the Wild West of contract surety bonds; there is little to no regulation on the bonds. When contractors have trouble obtaining bonds from licensed sureties, they turn to “individual sureties” who are not regulated. These individual sureties can ruin a construction project with their unregulated bonds, just like read more »
Many skaters in San Marcos, Texas were not pleased when a contractor that was supposed to construct a skate park in the city fled the skeleton of a potential park. Fortunately for the city and skaters a like a surety bond was in place incase something like this occurred. A large crater in the ground read more »
On 5/16/08, the state of Alabama has enacted HB 442. The enactment allows state agencies to decide if a bid bond is required for service contracts or supplies. The prior law made bid bonds mandatory, which allowed for no flexibility, even when no bonding companies were willing to bond the work.
Learn the top 10 tips to increase your contract bond line. Small changes to your company could have a big impact on your surety capacity and ability to do public work.
Bonding companies look at far more than just owners’ personal credit when it comes to contract surety over $250,000. A surety wants to have confidence in their bonded contractors prior to approval. There are numerous different actions a contractor can take to instill confidence in a bonding company. A contractor must be organized and practice read more »