A site improvement bond is a way to ensure that improvements being made to an existing public property will be done as agreed upon in the project contract and in accordance with local building codes. Typical improvements made under a site improvement contract include sidewalks, curbs and gutters, utilities, landscaping, grading, streetlights, storm drains or […]
Although “general contractor” is a term commonly used by the public nationwide, the official term used in the laws and regulations of some states is something else—for example, major contractor, prime contractor, or main contractor. “General,” “major,” and “prime” all indicate that the contractor in question is the manager of a construction project, from project […]
The Small Business Administration established its bond program to enable small contracting businesses to get the bonds they need in order to compete for and work on public works construction projects. The program guarantees a large percentage of the surety bond amount for bid bonds, payment bonds, performance bonds, and ancillary bonds purchased by small […]
A contractor’s license bond is a surety bond categorized as a license and permit bond. These bonds are required as a condition of obtaining a contractor’s license to operate in a given state or municipality. The purpose of the bond is to ensure that construction contractors operate in a lawful and ethical manner, which protects […]
Both supply bonds and performance bonds fall into the category of construction bonds and are both considered to be types of contract bonds. But there are some significant differences between supply bonds and performance bonds, primarily in the purposes they serve. Learn more below, and contact Contractor Surety Group today to get the bonds you […]
Discovering midway through a project that it was priced too low is every contractor’s nightmare. Overlook a couple of line items, and there goes your profit margin. While this is a concern for all contractors, it’s a particular hazard for newer contractors who are still learning the ins and outs of pricing a construction project.
Many people, including some in the construction industry, mistakenly believe that the contracting process for residential projects is nowhere near as rigorous as the process for bidding on and executing public works projects. It’s easy to see why you might think that, especially if your experience has been primarily in government contracting or residential remodeling […]
The short answer is maybe—if you are undertaking a project that involves borrowing a large sum of money from one or more lenders. In fact, you may need more than one. Learn more about completion bonds below, and request a quote from Contractor Surety Group today.
Construction bonds are surety bonds commonly required for contractors who want to win and work on public or private construction contracts. Different types of bonds protect different parties and serve different purposes, but they all work in the same general manner. Learn more about some of the most popular bonds in construction contracts, and request […]