The infographic titled “A Few Types of Commercial Surety Bonds” details various types of commercial surety bonds. Commercial surety bonds are required to satisfy or guarantee governmental legislation, fiduciary obligations, and private contractual responsibilities of the applicant or the principal under the bond. Continue reading Infographic : An Insight into Different Types of Commercial Surety Bonds
The infographic “Learn All About Construction Bond Claims” describes the important details about construction bond claim, like the definition, what a claim includes, and the things related to sending a construction bond notice. A construction bond claim is used to claim payment on a state, county, or municipal construction project. It is important to know that the lien rights do not apply to state-owned property, as the state government won’t permit anyone to foreclose on its land. Continue reading Infographic : Things You Must Know About Construction Bond Claims
The infographic titled “Things to Know about Performance Bond for Construction”, presented by NHC, is designed with intent to provide the basic knowledge and understanding of performance bond in construction projects. These types of surety bonds are usually geared towards the construction and manufacturing sectors and other forms of construction projects. A performance bond is used to insure the project owner against the risk of contractor’s failure to fulfill the contractual responsibilities to the project owner. Continue reading Infographic : An Insight into Performance Bond for Construction
Surety bonds are demanded by the local and the state government to allow businesses to carrying out various business activities. Its importance increases multifold when it comes to the construction business. The given Infographic describes the construction Contract surety bonds and it various aspects.
The purpose of construction contract Surety bond is to ensure that the project will be completed on time without any default and discrepancy. These bonds also look after the payment rights of the personnel associated with the project.
The Performance Bond, Bid Bond, Payment Bond and Maintenance Bonds are a few types of construction contract Surety bonds. When a contractor is bonded it gives a security to the project owner that the former is capable of fulfilling his duties. There are more chances of a bonded project being completed than a non-bonded one. If the contractor defaults the Surety reimburses the losses and gets the stranded project completed.
Please go through the given Infographic and know more about the construction contract Surety bonds.
This infographic is intended to provide information about Surety Bonds, how to maximize bonding capacity and what to look for in a surety agent. The infographic also talks about what factors to consider before a Surety underwrites its bonds.
It is essential for contractors to know their bonding capability as it determines the projects they are able to pursue. A surety bond company will not issue bonds to any contractor with unstable finances. Contractors need to constantly evaluate and understand their financial status including balance sheet, cash flow, bank relationships and capital. The year-end financial statements present a more precise financial standing of a company. A certified public accountant (CPA) can help any company formulate statements and tax planning. Contractors should work alongside them and with their bond agent to grow and succeed.
A Surety Bond company rigorously checks the financial background of a company to determine whether the company is stable or not. It closely examines the net worth, long-term debt , credit and contingent liabilities before issuing Surety Bonds.
It is imperative for a contractor to maintain a clean reputation in the market in order to qualify for surety from a reputable surety company.
Go through the below infographic for more information.