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Most people assume that because surety bonds are offered through an insurance company that a surety bond is a type of insurance policy. This however is untrue. Even though surety bonds and insurance policies have a few insignificant likenesses they are not the same thing at all. In this installment we will discuss the differences…
Read more October 13, 2015As the competition for construction loan projects remains at unprecedented levels in much of the country, lenders are frequently being asked to waive, modify or re-visit their standard construction loan credit enhancement requirements. The following is a brief look at some of the more common credit enhancements required by lenders and the benefits and shortcomings of…
Read more September 24, 2015Nearly all public construction work that is completed is done so through private sector construction firms. Jobs are bid on by private sector contractors. An open competitive sealed bid system is used to determine who is awarded the work. Many times the work is given to the contractor with the lowest, most comprehensive bid. With…
Read more September 21, 2015Bonding is a concept many of us are unfamiliar with. In this article, we will focus on how bonding affects financing. It is important to understand that bonding is not a type of insurance. The purpose of bonding is to guarantee projects are completed on time or as near to schedule as possible regardless of…
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