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.
When applying for your Florida Motor Vehicle Dealer Bonds, you’ll need to first decide which type of Florida Motor Vehicle Dealer Bonds you’ll need.
Read MoreYou’ve probably seen it dozens of times, whether on a contractor’s truck door, in a vendor profile, or buried in a licensing requirement you didn’t expect. “Licensed, bonded, and insured.” Three words that get used together constantly but rarely get explained separately. For most people, “bonded” is the one that doesn’t quite land. To ensure … Continue reading “What Does It Mean to Be “Bonded”?”
Read MoreWhen a project owner hands you a contract and asks for proof of financial security, two options usually come up: post a performance and payment bond, or provide an irrevocable letter of credit. On the surface, the letter of credit can seem like the more straightforward path. Look closer, though, and the picture changes. For … Continue reading “Why Posting a Performance and Payment Bond Is Better Than an Irrevocable Letter of Credit”
Read MoreContractors navigating their first bonded project often assume a surety bond works something like a loan, with a bonding company fronting money they’ll pay back over time. It’s an understandable assumption. Both involve financial commitments, both require an application and approval process, and both can determine whether a contractor gets the job. The similarity ends … Continue reading “Is a Surety Bond a Loan? How Bonding and Financing Actually Work”
Read MoreYou land a bid on the biggest project your company has ever pursued. The contract requires a performance bond, so you contact a surety agency, start the application, and submit the financials you have on hand. A week later, the underwriter comes back with questions, requests documentation you don’t have, and the process stalls. The … Continue reading “Why CPA-Prepared Financials Matter in Construction Bonding”
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