Improve Your Surety Bond Program | Accounting & Reporting

Proper accounting and financial reporting are essential for contractors who are moving beyond their first year or two of being in business. If you currently have a construction surety bond program that isn’t meeting your needs, you can improve it through better accounting and reporting practices. We can help you achieve this and secure the best surety terms and conditions for your business.

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general contractor

Surety Bonds for General Contractors Explained

As a general contractor, have you ever wondered how surety bonds can benefit your business and protect you from financial risks? Are you familiar with the different types of surety bonds required for your contractor license? Understanding surety bonds is crucial for general contractors in the construction industry, as they play a vital role in building trust with clients and ensuring project completion.

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Understanding the Obligee in a Surety Bond

Did you know that the role of the obligee in a surety bond is crucial for ensuring the successful completion of projects? Without the obligee’s involvement, the entire bonding process would be at risk. In this article, we will explore the significance of the obligee in a surety bond and their essential responsibilities.

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Finding and Securing Construction Surety Bonds: The Ultimate Guide

Securing a construction surety bond is essential for large-scale projects, serving as a pledge for quality completion and fairness. Necessary for gaining trust and meeting certain legal requirements, it’s vital for project success. Our guide simplifies understanding and selecting the right bond, beneficial for both large teams and small businesses.

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How to File a Surety Payment Bond Claim

Subcontractors, suppliers, and labor on construction projects face a unique but constant threat. What happens when the prime contractor on their projects does not pay for their work or materials? If the prime contractor was bonded, there is recourse. However, filing a claim can be complex. In this guide, we will help you understand and follow the steps to complete the process successfully.

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Becoming Bond-able

Many contractors are wary or unsure of how to create a bonding program or obtain their first surety bonds. The process can actually be quite simple, and best of all, there is no cost to get started. The first step involves understanding your personal credit score. All owners with more than a 10% stake, and their spouses, will have their credit checked (a soft pull) by the surety underwriter. If the scores are over 700 FICO, and there are no bankruptcies or tax liens, you can generally qualify for bonds up to $500,000.

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