Everything Contractors Need to Know About Bid Bonds in 2020

Bid bonds are a fact of life for contractors. Basically all public sector projects require contractors to have this type of surety bond before they’re allowed to submit a bid for work, and many private sector projects have the same requirement. Bid bonds hold a contractor financially responsible if they’re awarded a work contract but don’t accept the job. Developers and project owners use bid bonds as a way to discourage contractors from submitting bids they can’t or won’t fulfill, wasting valuable time and resources in the process.

Surety Bonds and the COVID-19 Impact

The COVID-19 pandemic has affected every single industry, including surety bonds. That doesn’t come as much surprise considering that surety bonds are weaved into the fabric of the broader economy. Many professionals and businesses need them to operate legally, and most contracts aren’t complete until bonds are in place. When the outbreak of a global pandemic causes business activity across states and sectors to take an unprecedented plunge, one would only expect the surety bond industry to feel the impact.

Learn About Court Bonds

What’s a court bond? It’s a way for courts to hold defendants and plaintiffs accountable for paying financial judgments. When courts require someone to pay and they either can’t or won’t, the person they’re responsible for paying may file a claim against the surety bond. The surety company backing the bond will pay for all valid claims, and then they will collect the amount of the claim (plus interest and fees) from the original bond holder. For the bond holder (known as the principal) court bonds work like a line of credit. And for the beneficiary of the bond (known as the obligee) bonds guarantee they will receive the damages they are owed. 

Industry News: New Jersey Appraisal Management Company Bond Now Required

The New Jersey Legislature passed a law requiring appraisal management companies (AMCs) to register with the Real Estate Appraiser Board. As part of the registration requirements, appraisers must obtain a special type of surety bond called a New Jersey Appraisal Management Company Bond. Learn what this bond is, why it’s required, and how you can keep your business fully compliant with the new law.

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5 Tips on Running a Successful Car Dealership in Alaska

Opening a car dealership in “The Last Frontier” isn’t easy. First, you need to obtain an Alaska auto dealer bond and meet the other requirements for a state license, like filing a Motor Vehicle Dealer License application and staying up to date on your license renewal times. Then you need to find commercial space, build up a vehicle inventory, and set up your business basics. You’ve already invested a lot of time and money before you ever sell a car, so you want your new venture to flourish as soon as possible. Follow these tips to maximize your success. Continue reading “5 Tips on Running a Successful Car Dealership in Alaska”

Want to Become a New Jersey Mortgage Broker?

Mortgage brokers have a bright job outlook. According to the Bureau of Labor Statistics, demand for loan officers (a category that includes mortgage brokers) will grow by 11% between 2016 and 2026, which is higher than the national average growth for all jobs. Even better, the number of jobs available in parts of New Jersey and the local median wage are both higher than in many other parts of the country. You must do everything from obtaining mortgage broker bonds to completing training and testing to work legally as a mortgage broker. In this post, we will show you what the work involves and what the state requires. Becoming a mortgage broker promises to be a satisfying and sustainable career path, but it’s not an overnight process. Continue reading “Want to Become a New Jersey Mortgage Broker?”

How to Get an Indiana Dealer License

Research from the University of Michigan Transportation Research Institute done in 2017 shows that Americans own more cars and drive more miles than they have in over a decade. That’s great news for anyone thinking of opening an Indiana auto dealership because it means demand is especially strong right now. However, entering this booming industry takes more than an enticing vehicle inventory and a flair for sales. You also need to obtain an Indiana motor vehicle dealer license if you expect to sell at least 12 vehicles within a 12-month period. Failure to get a license could subject you to fines, jail time, and being permanently barred from auto sales, so this needs to be your top priority. Satisfy all the state requirements to get your business off the ground by following the steps outlined below: Continue reading “How to Get an Indiana Dealer License”

Want a Thriving Construction Business in Florida? Focus on these Four Tips

The Florida construction industry is positively booming right now. In 2016 it was the fastest-growing major industry in the state, expanding almost 6% over the previous year compared to the 3% growth experienced by all industries averaged together. It also contributed close to $20 billion to the Florida economy in 2015, in the form of salaries and wages. Factor in the year-long warm weather and the abundant building space and it’s obvious why so many construction businesses flourish in Florida. Continue reading “Want a Thriving Construction Business in Florida? Focus on these Four Tips”

Consumer Insight Into Buying a Car in Idaho

Buying a car inspires equal amounts of excitement and anxiety. You’re eager to find something fun and functional, but at the same time, you’re worried about buying a lemon or paying too much. Those feelings are normal, especially if this is your first time purchasing a vehicle or upgrading to a brand-new car. Fortunately, you don’t need to be an experienced expert to shop for your next vehicle like a pro. Use these insights to have the best experience possible: Continue reading “Consumer Insight Into Buying a Car in Idaho”