The Bid Bond prequalifies the principal and provides the necessary security to the owner or general contractor, or “obligee,” guaranteeing that the principal will enter into the contract, if it is awarded. How Do They Work? A Bid Bonds guarantee that the “obligee” will be paid the ...
The surety will give you a document you can provide to the obligee to make things official. If you need a bond permanently, which is often the case for professionals and businesses, you must know how to get a surety bond renewed. In most cases, renewing your surety bond is as simple ...
How to get a general contractor license in Illinois In Illinois,general contractors are not licensed at the state level— each city or county sets its own licensing rules. However, they do need toregister their business with the Illinois Department of Revenue. In addition,contractors that plan ...
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!
How Does a Performance Bond Work? If a contractor (the principal) fails to meet the terms outlined in the contract, the project owner (obligee) can make a claim against the contractor’s bond seeking to recover financial damages. If a claim is valid, the surety will compensate the oblige...
Dividends are regular payments of profit made to investors who own a company's stock. Dividends can be paid in cash or reinvested back into the stock.
federal level, the law governing bonding on public construction projects is The Miller Act (40 U.S.C. § 3131). Passed in 1935, the Miller Act requires that a prime contractor seeking to work on a project valued at $100,000 or more furnish a payment bond for the government's ...
How a Surety Team Prevents and Remedies Contractor Default: For Contractors and Lenders, Surety Underwriters and Surety Bond Producers Are a Valuable Resource. Their Experience and Knowledge Can Help Contractors Avoid Extreme Risks and Overcome Challenges...
“I got my first clients from browsing Craigslist ads. People think they need to hire an employee for bookkeeping. But, they can hire a contractor and spend less money with fewer errors in their system. From there, it was word of mouth.”– Sarah Williams, Bookkeeper By Trade (read more...
Before you begin the process of dealing with a bad contractor, ensure you truly have a bad contractor on your hands. Sometimes, a client has different design visions than the contractor does, or the contractor simply doesn't have the capability to meet the client's design requirements. In th...