Read the latest news regarding Commercial, License, Permit, Contract, Court and Fidelity Surety Bonds, and how upcoming changes will affect your business. Check out our glossary page for more information on Surety Bond terminology.
Surety bonds guarantee a principal’s performance or compliance to an obligee, and they protect the obligee if the principal fails to meet a bonded obligation. Even with strong projects and compliance programs, disputes and defaults can happen, and bonds are designed to provide a defined claim process when they do. If you’re an obligee or … Continue reading “How Do You Make a Claim on a Surety Bond?”
Read MoreDuring construction projects, the ability to file a bond claim helps project owners and other stakeholders protect themselves against a contractor failing to meet contract obligations. For contractors, these bond claims can result in direct costs, damage relationships, and make future bonding more difficult. Fortunately, many claim triggers come from issues you can control with … Continue reading “How to Avoid Bond Claims Through Better Project Management”
Read MoreMulti-year construction contracts bring long-term revenue and project stability, but they also introduce a bonding challenge most contractors don’t anticipate. Surety bonds are usually issued in one-year to three-year terms, which means they can expire well before your project wraps up. Without proactive renewal management, that timing gap can stall your project, trigger a default … Continue reading “How to Handle Bond Renewals for Multi-Year Contracts and What Happens If Your Bond Expires Mid-Project”
Read MoreGetting bonded can feel like a major hurdle for new or small contractors. Whether you’re just starting out or transitioning from residential work to commercial projects, limited experience can make it harder to qualify for surety bonds. But the good news? With the right strategy and support, you can build credibility, secure bonds, and grow … Continue reading “Bonding for Contractors With Limited Experience”
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