in the event of loss to the customer due to theft or damage, while contract performance bonds ensure work meets contract specifications. Some municipalities require license and permit bonds to secure compliance with local building codes, lest the contractors' bonding company pay fines on its behalf...
For minority-owned and women-owned construction businesses, the ability to provide a surety bond to guarantee performance can help to differentiate the company's bid from a competitor's in the eyes of the general contractor or owner. This is especially true now as the number of owners and ...
Bonding protects your customers. As the sole proprietor, you pay a premium to a bonding company, either annually or for a given term, to provide that protection. From this perspective, bonding may help induce your customers to contract with you, because they are protected against losses if you...
9 RegisterLog in Sign up with one click: Facebook Twitter Google Share on Facebook bonding capacity 1.An indication of a contractor’s credit rating. 2.The maximum amount of money a bonding company will extend in contract bonds to a building contractor. ...
The types of projects contractors plan to take on, compared to their past projects, will help determine their bonding capacity for a new project. If a construciton company has only completed residential projects so far, but want to bid on awater treatment plant, it might be unclear if they...
Contractors should also focus on strengthening the company’s balance sheet by staying ahead on billings whenever possible to minimize financing the project for the owner. Other smart moves include being diligent with collecting receivables, including project retainage, and with any potential new debt ...
I had my bond in 6 hours wow talk about Relentless determination, and true customer support, they gave my new company options and really helped me gain my proper contractors license so I could get to work fast. Thank you jocob Broadbent your a Rockstar see you in 3 years D.M.P.L ...
By requiring bonds, the owner is getting a guarantee that the company is financially qualified to take on the project and has a solid performance history. Jobs that are bonded are much more likely to be completed without incident because of the huge financial and legal penalties contractors face...
Ininsurance, the company contracts only with the insured. If he violates that contract (fails to pay the premium, falsifies an application, etc.), it well may void the contract or give cause for terminating it. Inbonding, the misconduct of one party (the principal) has no bearing on the...
Ininsurance, the company contracts only with the insured. If he violates that contract (fails to pay the premium, falsifies an application, etc.), it well may void the contract or give cause for terminating it. Inbonding, the misconduct of one party (the principal) has no bearing on the...