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What Contractors Need to Know About Surety Bonds

Construction Marketing

Surety bonds are financial guarantees that are issued to ensure the individual or company who obtains the bond will perform work in a legally compliant manner and will avoid fraud and misconduct. A surety bond is a contract between the following three parties: • Principal – The construction company or individual seeking the bond.

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Subcontractor Default Insurance: Pros & Cons for General Contractors

Levelset

Construction is a risky business, with among the highest rates of failure of any industry. Subcontractor default insurance is one alternative to a surety bond that works to protect a contractor from the financial burden when one of their subcontractors defaults. Related: 16 types of insurance coverage for contractors.

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What Is a Certificate of Insurance (COI) for Contractors — and When Do You Need One?

Levelset

To help your business remain viable, contractor’s insurance should be a crucial part of your financial strategy. Insurance also puts other parties’ minds at ease when they want to hire you as a specialty contractor. A certificate of insurance (COI) is a valid form used to prove that you carry the appropriate insurance policy.

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Construction Business Owner Blogs

Construction Business Owner

INSURANCE |. Construction Law. Construction Safety. Construction Business Owner Magazine. Construction Business Owner E-Newsletter. -->. ” » The Expensive Process of Bidding. Nowhere is that more true than the construction industry. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |.

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What’s in a JOC Coefficient

Job Order Contracting

Here’s a listing of what is typically included in a construction contractor’s Job Order Contract coefficient… Contractor’s overhead and profit. Employee payroll taxes, insurance, and fringe benefits. Business taxes, contributions, memberships, corporate headquarters support (legal, financial, etc.).

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What the Public Bid Law Means for You

Construction Law Monitor

As a result, public bid law has come into frequent use. If you are in the construction industry, understanding public bid law can help you be aware of the potential risks/rewards of your next public works project. What is Public Bid Law? Regulatory Framework of Public Bid Law. How to Proceed.

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What the Public Bid Law Means for You

Construction Law Monitor

As a result, public bid law has come into frequent use. If you are in the construction industry, understanding public bid law can help you be aware of the potential risks/rewards of your next public works project. What is Public Bid Law? Regulatory Framework of Public Bid Law. How to Proceed.

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