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The Build America, Buy America Act (BABA) has introduced significant changes to the procurement policies governing federal funding for state and local construction projects. As the most extensive domestic preference law in U.S. history, BABA mandates that all federally funded projects use American-made iron and steel, manufactured products, and construction materials. For those in the…
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Nordlocker, an encryption software firm, conducted research in 2021 and found that the construction industry faced the highest risk of ransomware attacks among 35 analyzed industries. This risk has increased since then, with Nordlocker reporting in 2023 that the construction sector experienced the most ransomware attacks from January 2022 to January 2023. The construction industry’s…
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For many aspiring mortgage brokers and seasoned industry professionals alike, the term “Mortgage Broker Bond” can seem like a puzzling requirement on the road to doing business legally. However, understanding what a Mortgage Broker Bond is and its significance is crucial in the world of mortgage lending. In this blog article, we’ll break down the…
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Construction firms highly covet commercial government contracts, as public spending on construction projects exceeds hundreds of billions of dollars yearly, making them a lucrative opportunity. While most construction firms rely on government contracts as their sole source of revenue, others bid on various public and private jobs. Public construction contracts are governed by lengthy laws,…
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Since January 23, 2023, the Michigan Uniform Vehicle Dealer Surety Bonds (also known as Michigan auto dealer bonds or Michigan motor vehicle dealer bonds) has increased from $10,000 to $25,000. Mandated by Michigan Compiled Laws 257.248, the surety bond requirement has yet to be distributed to all motor vehicle dealers. Any individuals or business entities…
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The Small Business Administration (SBA) is advocating for more small businesses to partner with federal contractors, particularly with the latest advancement to update critical infrastructure throughout the U.S. With the passing of the $1 trillion infrastructure law, the Biden administration made available about $60 billion to the states earlier this month. These funds are earmarked…
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