Those of us that are associated with the construction or real estate market should be very grateful. It has been projected that Florida will grow more in raw population (number of new bodies calling Florida home) than any other State in the Union in the next 20-25 years. Florida is the third most populated state with approximately 23 million people behind California’s approximately 38 million and Texas with approximately 27 million. In the next 25 years, our population will not likely catch either California or Texas, but the gap will definitely be narrowed.
Right now, Florida has an average of more than 800 people moving to the state on a daily basis. The pace is expected to accelerate in the next two decades. Demographic projections have suggested that somewhere between 15-30% of all “Baby Boomers” will end up retiring in Florida. There are 74.6 million “Baby Boomers”, so if 30% move to Florida, that alone will almost double our population. For the next two to three decades, Florida will be the best construction market in the country, possibly the world.
The Infographic, “Types of Construction Bonds,” explains the different types of bonds used in construction projects across the US. In addition to identifying the different types, the infographic explains their purpose and why they are useful in the construction industry.
Construction Bond is a commonly used name for a type of surety bond that protects the obligee (the project owner) by ensuring the principal (the contractor) fulfills the terms of the contract. If the principal does not fulfill their obligations, the surety company will compensate the obligee according to the terms of the surety bond.
This Infographic categorizes the different types of construction Bonds into 3 types. The first type is bid bonds, which protects the obligee if the principal fails to honor their bid. The second type is performance bonds, which protect the obligee related to the terms of the project. The third type is payment bonds, which guarantee all payments to sub-contractors involved in a project. To learn more about construction bonds, refer to the infographic below.
The Infographic“How can I file a claim for a Construction Bond?” explains how to file a claim for a construction bond in the U.S. It also mentions the steps involved in sending a construction bond notice as well as the factors on which the claim is investigated before approval. Continue reading Infographic: The Process of Construction Bond Claims
Construction bonds are a general classification of surety bond used in the construction industry. It guarantees that the principal (the contractor) will complete a project according to the terms of their contract. If they do not for any reason, the surety company will have to pay the obligee (the project owner) for their losses. There are three primary types of construction bonds: Continue reading Which Construction Bond is Best for You
Contract bonds are a requirement for bidding on public and private projects across the United States. Similar to other types of surety bonds, constructions bonds are a three-party agreement between the contractor (who needs the bonding), the entity requiring the bond (the project owner or obligee), and the surety (that underwrites the bond). Continue reading How Construction Contract Bonds Work