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A recent ruling by a Tennessee bankruptcy court highlights a critical issue for sureties issuing bonds. Despite clear indications that bonds are intended to be statutory, this court case demonstrates that such designations might not always hold. Case Overview In this case, the surety had issued payment bonds for two public works projects on behalf…
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In a major regulatory update, the U.S. Department of Labor has revised the rules under the Davis-Bacon Act (DBA) for the first time in nearly four decades. These changes, impacting a suite of federal wage laws applicable to contractors on federal construction projects, aim to improve clarity, consistency, and enforcement effectiveness. The updated rules, which…
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We are fast approaching the construction bidding season. Contact Construction Bonding Specialists, LLC – we are ready to guide you through pre-qualifying for your bond applications for municipalities, schools, and public works that will soon be opening. Our specialty is helping you secure the construction bonds you need. We’ll decipher the paperwork and make recommendations…
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Heading into 2024, construction professionals encounter familiar hurdles: recession worries, ongoing inflation, higher interest rates, labor shortages, and supply chain issues. Despite these challenges, there are strategies to navigate them successfully and position your company favorably. Here are seven key trends and solutions to consider. Labor Shortages Remain The construction sector faces a growing skilled…
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As we conclude the year, it’s crucial for those in the construction industry to conduct a thorough review of their contracts, especially for long-term projects. It’s advisable to revisit your contracts to confirm they accurately represent the current state of the project. Any discrepancies should be addressed and documented immediately, rather than waiting for issues…
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To Our Construction Bonding Specialists Friends & Customers, Happy Holidays! We appreciate your business and look forward to working with you in 2024. From all your friends at Construction Bonding Specialists __________ For information about our surety bonds, contact us today! At Construction Bonding Specialists, we work with new and experienced contractors to find the…
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