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performance and payment bonds

Infrastructure Bill Includes Construction Bonding Requirement

Infrastructure Bill Includes Construction Bonding Requirement

On November 8, 2021 the U.S. house of representatives passed the Infrastructure Investment and Jobs Act, The bill calls for $1.2 trillion in spending, which includes $550 billion dedicated to new spending. Specific numbers include: $110 billion for roads, bridges, and major projects; $73 billion for electric grid upgrades; $66 billion for rail and Amtrak improvements; $65 billion for broadband expansion; …

 

What are Overbillings?

What are Overbillings?

In our previous posts, we covered profit fade and underbillings, so with tis post we will attempt to answer, what are overbillings? Overbillings are an item that may come up in a meeting with a surety bond underwriter as part of the pre-qualification process of establishing a surety bond program. The first assumption is that the contractor is recognizing their …

 

Performance Bonds with Bad Credit

Performance Bonds with Bad Credit

A contractor goes to his or her insurance agent in need of a performance bond and the insurance agent tells them “you do not qualify because of your credit”. Obtaining performance bonds with bad credit, while a bit of a challenge,  can often be obtained through a professional surety bond agency like Surety1.
The Performance Bond Underwriting Process
The underwriting …

 

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 …

 

Performance and Payment Bonds for E-Rate Contracts

Performance and Payment Bonds for E-Rate Contracts

If you are a company that does business in the public arena for school districts, you are probably familiar with the E-rate program.
This program, also called The Schools and Libraries program was implemented to make telecommunications and information services more affordable for schools by way of the Universal Service Fund. The E-rate program was implemented in 1997 by the Federal …

 

Surety1 Talks Bonds at Hawaii Trade Show

Surety1 Talks Bonds at Hawaii Trade Show

Surety1 flew over to Hawaii to visit clients and participate in Douglass Trade show’s annual conference, the Hawaii Building, Facilities & Property Management Exposition on April 9 and 10.  The convention was targeted at private building owners and managers to meet with vendors about all matters concerning facilities management.  As one of those matters, we felt the important need to shed light to the benefits of surety …

 

What is an 8a Contractor?

What is an 8a Contractor?

Explaining what the 8a program is, requirements to become an contractor within the program and how to obtain bonding as an 8a construction contractor.
In 2014, the the U.S. federal government spent over $14 billion on contracting. The Small Business Administration (SBA) is charged with the task of seeing that small businesses get their fare share of these contracting dollars. …

 

The Art of Stealing Surety

The Art of Stealing Surety

Performance and payment bonds are not a well known concept. Most people, if they have never been asked to provide a surety bond, have never even heard of them. As such, most people do not realize the primary function of the corporate surety is qualification of the principal (principal is the party providing the surety bond). The corporate surety underwriters spend …

 

Surety 1 Client Danny Peterson Receives 2014 Bill Lindsey Scholarship

Surety 1 Client Danny Peterson Receives 2014 Bill Lindsey Scholarship

Peterson Hydraulics, Inc. is the leading vehicle maintenance equipment contractor on the west coast and a proud client of Surety 1.  The company was started by Dan Peterson in 1986 and has become a family business.  Dan’s son, Danny II, had always known he’d be part of the family business and since becoming President, Danny wanted to develop his leadership and …

 

Recap from Native American Contractors Association Conference

Recap from Native American Contractors Association Conference

Surety 1 exhibited at the Native American Contractors Association Conference and Expo at the Omni Hotel and Resort in Rancho Mirage, CA.
The staff from NACA put on a great event filled with golf, mixers, learning tracks, exhibit, and a dinner capped with wine tasting and hot air baloon rides!
Why was Surety 1 there? Surety 1 provides bid, performance, …