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Surety bonds are contracts between a business, bonding company and third party. They are purchased by businesses to confirm the fiscal worthiness of a company as well as to offer affirmation on their reputation. If a business should fail to comply with a contract the bond acts as financial coverage to the third party. Obtaining…
Read more March 17, 2016Many business owners see the bonding process as one big pile of inconvenient paperwork. The reality however is that without the financial support of bonds along with the financial backing of surety bonding companies the entire construction process would be askew. This is why surety bonding is so important throughout construction process. Bonding ensures that…
Read more February 23, 2016If you are confused about hiring a contractor to do work around your home you are not alone. The terminology is a bit confusing, laws in each state are different and regulations are constantly changing which makes the whole process of hiring contractors to perform work on your home is difficult. Licensing within different trades…
Read more February 23, 2016When hiring a contractor there is a big difference between contractors that are insured, a contractor that is bonded or one that is both insured and bonded. Exactly what are those differences and how do they affect you as a homeowner? When a contractor is bonded and insured it offers an incentive for homeowners to…
Read more January 26, 2016Within the construction industry bonds are frequently used to help reinforce industry regulations and contractor/client relationships. Many of us outside the construction and bonding issue are at a loss when trying to understand the purpose of construction bondsas well as how they work to benefit each individual in the process. Don’t worry though because this…
Read more January 25, 2016Surety bonds are often associated with insurance. This is understandable for a few reasons. Bonds provide coverage for losses that are incurred and are often sold by insurance agents. The difference however is that with surety bonds they must be noted where as regular insurance does not. In the article below we will discuss several…
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