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Payment Bond

The History of Surety and Suretyship

A Brief History of Surety
The principles of suretyship and of surety are not new to the world. While many may not even know what a surety bond is, there is a very deep and rich history of surety and suretyship. The ideals of suretyship are widely traveled and have spread to more corners of the earth than many of us …

 

Subcontractor Tips for Construction Collections

Subcontractor Tips for Construction Collections

Subcontractors are often plagued with cash flow issues from slow paying general contractors. It’s par for the course. However, subcontractors and suppliers have rights, and understanding the numerous laws, codes, procedures, and tools can and will help a subcontractor collect money in a more timely fashion. While serious matters of trouble collected should be consulted with an attorney, a subcontractor …

 

Performance Bond Basics

Performance Bond Basics

Performance bonds, usually accompanied by payment bonds, are the key protection offered the tax payer on public works project.  In the United States, public works projects are usually awarded based on the low bid.  If it were not for the performance and payment bond, what would stop a totally unqualified bidder from bidding on the project?
For instance, lets assume the city of Jonesville decides it needs …

 

Performance Bonds – How to Increase Bond Capacity

Performance Bonds – How to Increase Bond Capacity

Despite the sequester, there is little doubt the U.S. economy is starting to pick up.  With this pick up, there is more construction, and with more construction, there inevitably will be a need for a lot of contractors to increase their ability to bond more work.  There are a lot of private owners that did not require contractors to post …

 

Payment Bond – An overview of the Claims Process

Payment Bond – An overview of the Claims Process

CLAIM PROCESS – PAYMENT SURETY BOND
Written By: Jacob Dines, Surety1
OVERVIEW OF PAYMENT BONDS
Payment bonds – Obligates the surety for its principal’s underlying obligation to make payments to subcontractors and material suppliers for their respective work on the main contract.  Payment bond  claims are responsible for the majority of claims in contract surety.
STEPS TO PROCESSING A CLAIM …

 

Performance Bonds; One Size Does not fit all @ Surety1

Performance Bonds; One Size Does not fit all @ Surety1

Sacramento, CA (PRWEB) October 03, 2012
Surety1 is happy to announce a new surety bond program for small and emerging contractors. Over the past few years, several underwriting companies have launched various “short form” programs for small contractors or contractors with infrequent bond needs. These programs all have one thing in common, they require a short form application and if the …

 

Bonding Subcontractors

Bonding Subcontractors

I sell bonds for a living, so it is easy to assume that the purpose of this argument is self serving.  While this would not be a totally misguided opinion, we have seen are several disturbing trends of late that make me believe all General Contractors should re-visit their bonding requirements and all subcontractors should be prepared to bond – …