If you are in the construction industry, it’s important to familiarize yourself with the Miller Act. Chances are, you’ve already dealt with the Miller Act if you’re a contractor, subcontractor, or supplier who has worked on federal projects. Miller Act bonds, as they’re typically referred to, are one of the most commonly used surety bonds out there. In this post, we’ll take a look at some of the key features of the Miller Act, so you can be comfortable taking on federal construction improvement projects. Continue reading “Work in Construction? Here’s What You Need to Know About the Miller Act”
The power of warranty and maintenance bonds goes far beyond the construction process: they ensure that the job is built to last. As we discussed in our blog, How Maintenance Bonds Ensure Your Contractor Gets the Job Done Right, these bonds are critical to the trust and credibility shared between contractors, owners, and project managers. In this post, we’ll look at some of the ways that warranty and maintenance bonds continue to serve a purpose long after the end of a construction project. Continue reading “The Purpose of Warranty and Maintenance Bonds After a Construction Project is Finished”
Immigration consultant bonds play an important role in the world of certified immigration consultants and the immigrants who they aim to help. Immigration consultants help their client assess their options for attaining a visa, while assisting with the paperwork that is involved. Several jurisdictions, such as state and local governments in the US, require immigration consultants to have surety bonds in place to ensure that the consultants will operate in good faith. This surety bond serves as a way for local governments to grant certain protections for those who are looking to live and work within their jurisdictions. Continue reading “Immigration Consultant Bond: What It Is and Why It’s Needed”
Maintenance bonds give project owners and contractors alike peace-of-mind throughout the construction process. Warranty and maintenance bonds are surety bonds that allow project owners to receive financial compensation from a surety when a contractor’s obligations do not meet the required standards. Maintenance bonds are specifically crafted to ensure that the construction of the project holds up for a particular length of time after the project is completed. Let’s check out the ways in which maintenance bonds ensure a better contracting process from start to finish. Continue reading “How Maintenance Bonds Ensure Your Contractor Gets the Job Done Right”
For the first time in 12 years, the United States Small Business Administration (SBA) has announced a decrease in Surety Bond Guarantee fees. Continue reading “Industry News: One-Year Fee Reduction for SBA’s Surety Bond Guarantee Program”
Another type of contract bond is the payment bond. These bonds are required for most construction projects, so many, if not most, contractors have had these bonds. Payment bonds guarantee that subcontractors, laborers, and materials suppliers will be paid, and paid on time. Payment bonds and the surety companies that back them keep projects lien-free and help ensure that all parties are happy.
As a maid, janitor, or any cleaning services provider, you may find that potential clients often insist on hiring only companies with janitorial bonds. These surety bonds ensure any cleaning services contract, and not only protect the person paying for the service, but they also protect your small business, which relies on reputation.
A variety of construction bond is the performance bond. This type of surety bond guarantees that a project will be completed satisfactorily by the contractor who undertakes it. This is different than insurance; the surety doesn’t just pay when contractors default on work.
Before they are able to be licensed in most states, auto dealers must file a surety bond called an auto dealer bond with the state’s Department of Motor Vehicles (DMV). However, what the auto dealer bond covers and how to get such a bond can be confusing.
A type of construction bond, a bid bond protects the developer or owner in the bidding process for a construction project. The bond guarantees that the bidder will honor the terms of their bid. If they fail, the surety backing the bond will compensate the owner.