The Horseshoe Project – Get Your Surety Bonding Set to Capitalize on the Dallas Transportation Project
The Texas Department of Transportation (TxDOT) broke ground earlier in the year on its $798 million design-build roadway project designed to improve traffic through downtown Dallas. It’s slated for a 2017 completion and there is plenty of work to go around. However, like any large public works construction project, learning how to get a piece of the pie is a lengthy process.
For the Horseshoe Project the construction management company, Pegasus Link Constructions (PLC), has an 8-month training program aimed at Disadvantaged Business Enterprises. The training program is designed to help small business navigate through the process of working with TxDOT, with the first workshop scheduled for tomorrow, December 19 from 4-6pm. This training program will also be beneficial for doing business with TxDOT for all projects, not just the Horseshoe Project. Providing performance and payment bonds will likely be a requirement for participation
As part of the process to be able to obtain work for this project, contractors will need to be set up for bonding. Bonding can be a tricky process, especially for those contractors that have never had to be bonded, or only needed the occasional bond. Why does a contractor need to be bonded? The Miller Act, passed in 1935, mandates that any public works project above $100,000 requires both a performance and payment bond. However, Texas requires a payment bond for contracts in excess of $25,000 so it’s safe to assume that nearly every contract related to The Horseshoe project will need to be bonded.
At Surety 1, we specialize in working with contractors from the start up phase to those with revenues in excess of $50 million. If contractors have questions about bonding including minimum requirements, costs, timeliness, how to increase capacity, how to lower rate, or any other questions please feel free to contact us at [email protected] or by phone at 877-654-2327.