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 […]
Surety bonds are a fact of life in the construction industry. Whether you’re purchasing a contractor license bond, bid bond, performance bond, or any other type of bond required of contractors, the cost is generally calculated in the same way. Here’s how construction bond rates work.
A payment bond is a type of surety bond commonly used for public and private construction projects. These bonds are usually issued in conjunction with a performance bond. Its purpose is to ensure that the contractor pays the companies that supply materials for the project as well as the subcontractors and laborers working on a […]
Bid bonds and performance bonds are often required for construction projects. In this post, we’ll walk you though the differences between bid bonds vs performance bonds. Learn about each type of bond and which you need for your project. Once you know the bonds you need, you can get a quote easily online from Contractor […]
A performance bond is a type of surety bond that guarantees satisfactory completion of a project by a contractor. It is meant to protect the project owner and the public against financial loss in the event of a contractor’s poor performance or default. Performance bonds are often issued alongside a payment bond, which guarantees that […]
Large and small construction companies alike can make money working on federal government contracts. Even if you have experience bidding on state or municipal public works projects, you may find that it takes a little time and effort to get your head wrapped around the federal contracting process. Here are some helpful tips on how […]