Similarly, you can differentiate yourself by opting to work only on large commercial projects or small residential projects. Regardless of which type of jobs you plan to complete as a contractor, it is important to spell this out in a business plan so you have a clear idea of what’s neede...
Find out what an excavation bond is, how much they cost, and how to get a quote for one today. Learn about excavation bonds from the contracting pros!
To obtain a California contractor’s license, you’ll need to determine which specific license you need, fill out an application, pass an exam, and submit supporting documents. This guide for general or speciality contractors getting their new business started in California — or looking to expand...
“If there’s a bonding requirement from either the contractor or their general contractor as part of the issuance of the bond,” he said, “the contractor’s surety is usually going to want to see some kind of evidence of financing before assuming the risk and issuing the bond....
The cost of a fidelity bond depends on the size of the bond, which is the most the insurance company will pay out to cover a loss. According to BondExchange, a wholesale insurance marketplace that helps insurance agents find policies for their customers, fidelity bonds insuring five or fewer...
” However, you are likely disputing that the money (or a portion of it) is owed or are claiming that it is owed by someone else, like your contractor or one of his subcontractors. Hence, paying the lien holder or filing a bond to indemnify the lien holder, are not preferred solutions...
This is where most forecasting efforts succeed or fail. You need a regular rhythm of reviews, but they should fit naturally into your existing workflow. Forecasts aren’t one-size-fits-all. AsMichael BenoitfromContractorBondsays, “We review our forecasts every quarter to ensure they’re still...
When a contractor fails to abide by any of the conditions of the contract, the surety and contractor are both held liable. The three main types of construction bonds are bid, performance, and payment. How a Construction Bond Works A construction bond, also known as a contractor license bond...
A performance bond is a financial guarantee to one party in a contract against the failure of the other party to meet its obligations. It is also referred to as a contract bond. A performance bond is usually provided by a bank or an insurance company to make sure a contractor completes de...
Asurety bondis a legally binding contract. It is used as an assurance that the issuer will pay any debts if the other party fails to do so. Surety bonds are entered into by three parties: The Principal:This party is responsible for obtaining the bond and fulfilling the obligation. ...