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.
If you’re applying for a surety bond, whether it’s for a construction project, a business license, or a court requirement, your credit can influence what you pay and, in some cases, whether you need extra underwriting steps. Since a surety is taking on a risk and expecting reimbursement if a claim is paid, many surety … Continue reading “How Does My Credit Affect My Bonding”
Read MoreWhether you’re a contractor bidding on a public works project or a small business needing a license bond to operate legally, surety bonds can seem confusing. Before you sign any paperwork, it’s important to understand the basics so you can go into the bonding process fully informed. What Is a Surety Bond? A surety bond … Continue reading “What You Need to Know Before Purchasing a Surety Bond”
Read MoreSurety 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”
Read MoreYou’ve heard and seen many contractors advertise that they are “bonded.” But do you know what it means to be bonded? Most don’t, including the contractors themselves.
Read MoreIf you’re a developer planning a residential or commercial subdivision, you’ve likely been told you’ll need a subdivision bond before breaking ground. While it may seem like just another regulatory hurdle, subdivision bonds play a vital role in ensuring public improvements are completed. Since these bonds can impact your timeline, budget, and reputation, developers must … Continue reading “Subdivision Bonds: What Developers Should Know”
Read MoreIf you’re a contractor bidding on public or private construction projects, you’ve probably heard the terms performance bond and payment bond. While these two types of surety bonds are often required together, they serve different purposes and may be issued separately depending on the project. Before you bid on a project, review our guide to … Continue reading “What Is a Performance and Payment Bond?”
Read MoreAs cell phone towers age, become technologically obsolete, or require relocation, they must eventually be dismantled and the land restored. Tower removal can be expensive, and in the past, abandoned towers have left landowners or local governments stuck with the cost. A cell tower removal surety bond — sometimes called a telecom decommissioning bond — … Continue reading “What Is a Cell Tower Removal Surety Bond?”
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