Signing an indemnity agreement is a standard procedure when obtaining a surety bond. It is second to the last step in the bond process – just right before the bond is issued. As the word suggests, indemnity means protection or … Continued
While it’s true that surety bonds are not as intimidating – nor as expensive – as they may seem, it can also be safely said that they’re not the easiest things in the world either. What we meant by that statement is that the same criteria … Continued
The construction industry is expected to experience healthy economic times. Construction spending, for one, continuously grows according to the Department of Commerce. In fact, construction spending grew to $1.257 trillion late last year. Not only that, the Bureau of Labor Statistics confirms … Continued
Much has been said about the key players of a surety bond, the process of obtaining a bond, and the role a surety bond plays in a specific industry or business. However, the issuance of a surety bond is not the final … Continued
The U.S. Small Business Administration has recently announced the changes made to the Surety Bond Guarantee (SBG) Program which will benefit small contractors in the State of New Jersey. The amended program – which started on the 20th of September … Continued
Industry Round Up Blog: Tackling the latest on the new insurance and bonds exhibit, digitization, and sustainable projects exhibit In this monthly industry round-up, we take a look at the new revised AIA conditions as well as commentaries from those … Continued
California-based surety bond company extends its surety bond services to the Silver State. Los Angeles, CA, July 11, 2017 – Surety Bond Authority, Inc. widens its surety bond availability as it now reaches Nevada’s contractors, businesses, and residents. The company’s … Continued
What is the better option to manage subcontractor risks? Getting subcontractors adds a new dimension to a construction project. Construction companies, whether large or small that can mitigate subcontractor risks are far safer and more secure. Contractors that do not … Continued
State statutes require contractors working on public projects in the United States to post different types of construction surety bonds. One of the most available and common types of surety bond is the Performance Bond where it guarantees that the … Continued
Great news for Class A and Class B Contractors in Virginia! They now have the option to post a surety bond instead of providing and maintaining a minimum net worth required when applying for a license. Under Senate Bill 1113, … Continued