Contractors State License Board Beefs up Public Works Unit

From Garret Murai at CA construction law blog: an article on the state license board.He writes about how California has increased its compliance staff at the public works unit so that they can make sure that contractors are in compliance with wage laws and workers’ compensation laws.  California has had a record year on its wage enforcement...

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Don't bet your buisness! Ten things every contractor should know about surety bonds (#1)

It’s unfortunate, but we regularly work with construction companies that have unintentionally bet their business.  They do this by taking on risk where they didn’t expect.  We work together to develop a plan to manage or mitigate risk on construction projects.  This is done by a risk assessment as well as determining the most fiscally responsible option that ensures timely project completion, which is critical...

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What is a Bond Party?

Well, let me first tell you what is NOT a bond party.  Or at least what is NOT a bond party in the surety bond industry.  It’s not a gathering of people who dress up like a famous English spy, such as those found here: www.bondparties.com and here: http://pinterest.com/agoonie/james-bond-party/ and here: http://www.beenviedentertaining.com/james-bond-party.Although sometimes I wish we were more like that.Instead, our...

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OK, SO WHAT EXACTLY IS A BONDING COMPANY?

As the leader in providing surety bonds (bid bonds, construction bonds, etc.), it is not uncommon that we get questions from people wanting to know exactly what a bonding company is, so we thought that we’d give you some information that could be worthwhile. Bonding companies typically provide several lines of insurance, such as Errors & Omissions (E&O) insurance or Property & Casualty insurance as well as bonds. We...

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About Surety Bonds

A surety bond is a particular type of bond that involves three different parties.  These are the principal (the entity being secured against default), the obligee (the entity who has the rights to the money or service owed), and the surety (the entity promising to shoulder the liability in case the principal defaults.There is a wide range of circumstances or situations where this type of bond can be used.  Basically,...

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Surety Bond for Contractors

A contractor’s surety bond is an agreement between the contractor, client and a surety issuing company.  The contractor is also referred to as the bond principal, while the customer is referred to as the obligee.  In most states, the contractor is required to be bonded before a license can be issued.  Big projects normally require a specific bond that covers only that particular project. Functions of the Bond A...

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What now for the Surety Bond Industry?

The Leaderboard Magazine recently contacted three industry experts, Ken Simonson, Lawrence LeClair and Lenore Marema (bios below) on the future of the surety bond industry. Part I: What does the outcome of the election mean for the surety bond industry? Simonson said the election was important because it did end one element of uncertainty. Now, we know who will be in the White House for the next four years and which parties...

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