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When 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…
Read more January 14, 2016The Connecticut Business & Industry Association reports that small businesses will have more contracting opportunities beginning in 2017. A law recently signed by President Obama increases the maximum Small Business Administration surety bond guarantee percentage from the current 70 percent to 90 percent. “This is the first significant legislative change to the surety bond guarantee…
Read more December 28, 2015A construction surety bond is commonly known as a contractor’s license bond. It is used to make sure that a construction project is completed as stated within a given contract. In the event that the contractor is unable to complete said contract on time, within budget or other ramifications stated within the contract the surety…
Read more December 28, 2015There are three basic type of bonds used within the construction industry. They are the bid bond, the performance bond and the payment bond. These three basic types of bonds are used to guarantee that contractor will perform the work contracted, at the price contracted within the period of time contracted. If this doesn’t occur…
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