Infographic : Risk Transfer with Construction Bonds

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Construction projects cause lot of worry to the project owners. Most project owners reduce their worries by hiring a contractor to work on the construction project. To involve a contractor in any construction project, the project owner demands a construction bond from the contractor. A construction bond protects both the contractor and the project owner from any kind of risk. Continue reading Infographic : Risk Transfer with Construction Bonds

2017-01 Bond Newsletter

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UNBELIEVABLE!!!… I believe that I am among the majority of Americans who were both shocked and in some cases dismayed by the results of the November 8th Presidential elections. As I pointed out in my October 2016 Bond Newsletter, Hillary Clinton was the most unacceptable candidate that has been on a Presidential ballot or any other ballot in my lifetime. I also pointed out that I had no idea what Donald Trump represented, nor was I convinced that he had the temperament to be President of the United States. Continue reading 2017-01 Bond Newsletter

Types of Contract Surety Bond

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A surety bond involves three parties: the principal (the person who has won the project contract), the obligee (person who is the owner of the project) and the surety (the surety bond Company who provides the surety). The principal assures that they will fulfill and complete the project requirement on time with accordance to the contract. The surety bonds specifically used in construction are called construction surety bonds.

Differences between a Contract Surety Bond and a Traditional Insurance Policy

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People often get confused between a contract surety bond and traditional insurance policies. Although both surety bonds are oftentimes offered by insurance companies and are regulated by state insurance departments, insurance and sureties are used for different purposes. These are the primary distinctions between the two: Continue reading Differences between a Contract Surety Bond and a Traditional Insurance Policy