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Maryland Individual Surety Law To Expire

Maryland Individual Surety Law To Expire

The Engineering News-Record released an article on April 15, 2014 announcing that a Maryland law that allowed individual sureties on state projects will expire on September 30, 2014.  Click here for the article.  Once the law expires, Alaska will be the only state in the country that still allows an individual surety to bond state public works projects.
What is an …

 

What is a Bid Bond?

What is a Bid Bond?

A bid bond is required by an obligee (party the bond is protecting) when seeking a bid proposal or estimate for a specific project.  While bid bonds are generally required for public works construction projects, it can be required for nearly any public project including janitorial services, hauling, street sweeping, Information Technology, food delivery programs, among many more.  The bid …

 

Surety Bond Requirement not Met so Bid is Rejected

Surety Bond Requirement not Met so Bid is Rejected

Polk County MN requested bids for the supply of 3 SUV’s.  They received one bid that met all the requirements of the RFP except one, the bid did not include the required 5% bid bond.  Obtaining a bid bond for the supply of three vehicles would be a fairly easy task to accomplish.  Bonding is just not something businesses are used to obtaining unless the business is doing …

 

Performance Bond Success Stories; Part 1

Performance Bond Success Stories; Part 1

A construction company, like many other companies I suppose, can and evolve over time.  The owners and founders of most construction companies are builders & tradesmen, an obviously important strength, and for this reason, a lot of the owners of construction companies find the bonding process, frustrating and confusing.  The underwriters of performance and payment bonds for construction companies are not builders and tradesmen, they are usually bean counters; finance and accounting …

 

Bid Bond Claims – An Overview

Bid Bond Claims – An Overview

OVERVIEW OF BID BONDS, By Jacob Dines of Surety1
Bid Bonds – Issued by surety on behalf of contractor, as principal, as security for a bid to provide goods or services to the obligee.  A bid bond is a type of surety bond that guarantees that the principal will enter into the contract that is being bid.
BID BOND CLAIMS