Sunday, September 20, 2015

New bid opportunity – bid bonds


One of the great things about surety bonds is that they allow you to get more business because you can qualify for substantially more jobs.  In addition, these jobs are typically very lucrative as the government wants to make sure that its contractors are able to make a profit (and therefore, stay in business which includes staying around to get more bond jobs.  Below we have an article on a bid bond that can help you get more work.  See more at the article below.See our WordPress page here.See our Facebook page here.http://www.pennlive.com/midstate/index.ssf/2015/09/silver_spring_township_supervi_47.htmlSilver Spring Township supervisors to vote on conservation easement purchase, surety bond for transformer transportThe Silver Spring Township Board of Supervisors plans to vote on a surety bond for any potential damage caused by the transportation of a PPL transformer through the township, at a public meeting at 6:30 p.m. today at the administrative building, 8 Flowers Drive.The ag
http://swiftbonds.com/construction-related-posts/3574/
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Friday, September 11, 2015

Government Contracting and Bid Bonds


Below is a great article on a bid bond and how that works.  It talks about the ban from government contracting and the bid bond process.  Specifically, it talks about how the winning bidder must act and how the bid bond works for suppliers, vendors, etc.See more at the article below.See our Twitter page here.See our Delicious page here.Hundreds of crooks snagged Katrina-relief moneyThe period of limitation with respect to ban from bidding government contract and recovery of the refunded or returned bid bond Where a procuring entity finds that a supplier meets one of the circumstances prescribed in Article 101 of the Government Procurement Act, the entity shall publish the name of the supplier and the relevant circumstance on the Government Procurement Gazette, which prohibits the supplier from participating in tendering, or being awarded or sub-contracted, within one year or three years (usually called ban from bidding government contract ). Since the Government Procurement Act doe
http://swiftbonds.com/bid-bonds-2/government-contracting-and-bid-bonds/
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6. What is a Bond

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Claims on a Payment Bond


Making a claim on a bond can be a difficult thing.  See more at the article below.See our WordPress page here.See our Facebook page here.http://www.natlawreview.com/article/making-claim-against-payment-bond-posted-general-contractor-or-sub-contractorMaking a Claim against a Payment Bond Posted by a General Contractor or Sub-Contractorposted on: Monday, August 24, 2015In construction projects that are performed either on behalf of a municipality or a state agency, a general contractor and potentially a sub-contractor are typically required to post payment and/or performance bonds with the county or municipality. A general contractor or sub-contractor is required to post a payment and/or performance bond, because this ensures that sub-contractors or suppliers are paid, and enables the Township or state agency to have the work completed should the contractor fail to do so in a timely fashion. As a supplier or sub-contractor on such a municipal or state project, it is important to know
http://swiftbonds.com/surety-bond/claims-on-a-payment-bond/
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Bonds Instead of Mechanics Liens


Bonds Not LiensAnother state has entered the fray of allowing a bond to be placed instead of using mechanics liens.  This process allows a company to put up a bond so that the mechanics lien can be eliminated, which helps facilitate the sale of the property.See more at the article below.See our Facebook page here.See our Blogspot page here.http://www.natlawreview.com/article/new-legislation-authorizes-bonding-over-mechanics-liens-first-time-illinoisNew Legislation Authorizes Bonding Over Mechanics’ Liens for the First Time in Illinoisposted on: Tuesday, August 25, 2015On July 29, 2015, Illinois enacted Public Act 99–0178, adding a new Section 38.1 (770 ILCS 60/38.1) to the Illinois Mechanics’ Lien Act (the Act). Section 38.1 authorizes interested parties in a mechanics’ lien dispute to petition for an order substituting an eligible surety bond for any lien rights arising in (1) the improved real property, and (2) the money or other consideration due or to become due from the
http://swiftbonds.com/performance-bonds/bonds-instead-of-mechanics-liens/
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How Can Uber Drivers Get Commercial Insurance?

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Exodus – Bonded By Blood

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Liability Insurance for Small Business – “liability insurance for small business”


Liability Insurance for Small Business – “liability insurance for small business”
http://swiftbonds.com/surety-bond-videos/liability-insurance-for-small-business-liability-insurance-for-small-business/
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The bond that changed history


How a Bond Changed HistoryThe numismaster site has a great article on how a surety bond changed history.  This surety bond, on the behalf of Voight, was not signed by the person that everyone that it was, but instead by four other individuals (that s just crazy and amazing).  This 221 year old document changes how history is viewed.See more at the article below.See our Twitter page here.See our Tumblr page here.http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=28087Bond changes historyAs a researcher of the technology, processes, implementation standards and people that worked at the first United States Mint, I have read many publications on a wide variety of Mint-related subjects.The general belief, without any supporting evidence, has long been that David Rittenhouse (the first director of the Mint) posted the surety bond for Henry Voigt (the first Chief Coiner of the Mint). We now know that David Rittenhouse did not post Voigt’s surety bond. Voigt’s surety
http://swiftbonds.com/surety-bond/the-bond-that-changed-history/
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What is a surety bond?

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Get Your Contractor’s License – Business Tip #1

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Thursday, August 27, 2015

Bond for Maize School District


Maize, which is a rival school district from the one in which I grew up in, is getting more performance bonds for the school specifically the storm shelter.See more at the article below.See our Blogspot page here.See our Tumblr page here.http://www.bizjournals.com/wichita/news/2015/08/24/hutton-construction-selected-as-projects-manager.htmlHutton Construction selected as projects manager for Maize s $70.7M school bond planHutton Construction Corp. has been selected as the construction manager at-risk for a $70.7 million school-improvement plan in the Maize school district. Now, district leaders are working with Hutton and representatives from Schaefer Johnson Cox Frey Architecture — the architecture firm of record for this plan — to determine a projects timeline. The bulk of the projects must be completed within three years in accordance with bond regulations, district officials say. District leaders say appointing a construction manager at risk helps to ensure projects are comple
http://swiftbonds.com/bond-for-maize-school-district/
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Wednesday, August 26, 2015

More bonding capacity for Main Street


Main Street Group gets more bonding capacity.  Hey, it s always great to see a company get more bonding power.  This allows us to write more performance bonds for our clients.  Way to go guys.See more at the article below.See our Delicious page here.See our Twitter page here.http://www.businesswire.com/news/home/20150826005675/en/U.S.-Treasury-Increases-Main-Street-America%E2%80%99s-Surety#.Vd3TvPZVikoU.S. Treasury Increases Main Street America’s Surety Bond Capacity to $93.4 Million August 26, 2015 10:24 AM Eastern Daylight Time JACKSONVILLE, Fla. (BUSINESS WIRE) The U.S. Department of the Treasury has raised The Main Street America Group’s NGM Insurance Company’s single surety bond capacity threshold to $93.4 million. The super-regional property/casualty insurance carrier’s previous capacity was $90.5 million.“The Main Street America Group is well established as a stable and consistent partner to independent insurance agents and their customers”The Treasury Department
http://swiftbonds.com/more-bonding-capacity-for-main-street/
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Tuesday, August 25, 2015

Claims against a Payment Bond – It can be Tricky


Making a claim against a payment bond can be a tricky thing. As a contractor, you do not want to make the claim too early as the subcontractor may cry foul.  Also, the claim must be documented and you want to follow the steps to protect yourself.See more at the article below.See our WordPress page here.See our Facebook page here.http://www.natlawreview.com/article/making-claim-against-payment-bond-posted-general-contractor-or-sub-contractorMaking a Claim against a Payment Bond Posted by a General Contractor or Sub-ContractorMonday, August 24, 2015 In construction projects that are performed either on behalf of a municipality or a state agency, a general contractor and potentially a sub-contractor are typically required to post payment and/or performance bonds with the county or municipality. A general contractor or sub-contractor is required to post a payment and/or performance bond, because this ensures that sub-contractors or suppliers are paid, and enables the Township or state
http://swiftbonds.com/claims-against-a-payment-bond-it-can-be-tricky/
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Monday, August 24, 2015

New Bid Bonds, Surety Bond, Fidelity Bond provider in Louisian


As you can see below, there is another bond company option in Louisiana.  Although Louisiana is not totally without a surety company, it is always nice to see another good player in the pace. This allows our customers to get better service and rates in Louisiana.  See our WordPress page here. See our Twitter page here.A great picture of a downtown construction site.
http://swiftbonds.com/new-bid-bond-provider-in-louisiana/
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Breach of contract – Surety Bond troubles


Contractual relationships rule the day.That s the real lesson in performance surety work.  It s all about how the contracts are worded and whether the parties adhere to the contracts.  In the article below, the contractor was unhappy with the water board because they did not extend the time limit, per the terms of the contract.See our Delicious page here.See our Tumblr page here.http://louisianarecord.com/stories/510632496-sewerage-and-water-board-sued-by-construction-company-for-alleged-1-million-plus-breach-of-contractSewerage and Water Board sued by construction company for alleged $1 million-plus breach of contractA construction company is suing the Sewerage & Water Board for breaching contract in several ways and failing to pay the proper amount for work completed. W.L Wyman Construction Company, Inc. filed suit against Sewerage & Water Board of New Orleans in the Orleans Parish First Civil District Court on June 19.The plaintiff claims that it entered into a contract with th
http://swiftbonds.com/breach-of-contract-surety-bond-troubles/
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Why surety bonds are needed


n the construction industry, surety bonds are required by a variety of entities for a variety of reasons.  In addition, many other sectors of the economy require a surety bond just to operate their business.  These bonds, called license and permit bonds, are used to make sure that the regulated entity pays their respective taxes, fines, etc.Below is a great example of why surety bonds should be used.  In this case, the charter schools did not have to have a bond, which is now causing massive problems for the other schools.  A surety bond would have eliminated this risk to the school district.http://www.sun-sentinel.com/local/broward/fl-broward-charter-money-20150814-story.htmlBroward County schools may have to repay $1.8 million owed by two closed charter schools.Obama Academy for Boys and Red Shoe Charter for Girls, both in Fort Lauderdale, agreed to close after frequent disputes with the district. But a recent State Auditor General report found the jointly owned schools could no
http://swiftbonds.com/why-surety-bonds-are-needed/
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Who needs a fiduciary bond?


A fiduciary bond is needed by persons in certain circumstances, such as when you need one for a probate matter.  In these cases, a probate bond (which is a specialized type of fiduciary bond) is required by statute and guarantees that the probate administrator does not abscond with funds from the estate.See more at the article below.See our Blogspot page here.See our Tumblr page here.http://www.natlawreview.com/article/fiduciary-bonds-who-needs-themFiduciary Bonds – Who Needs Them?As a fiduciary, you may be required, or may want, to obtain a fiduciary bond before you are permitted to serve as a fiduciary. Fiduciary bonds are also known as probate bonds, executor bonds, administrator bonds, conservatorship bonds, guardianship bonds, and many others, depending on the nature of the fiduciary relationship.What is a Fiduciary Bond?A fiduciary bond is a legal instrument that essentially serves as insurance to protect beneficiaries, heirs and creditors when a fiduciary fails to perform ho
http://swiftbonds.com/who-needs-a-fiduciary-bond/
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Surety bonds needed for students


Medical students and now going to be required to post a surety bond so that when they graduate, they won t just run off and make money.  No, instead, they will go out and go a responsible, give back to the community job, for at least a year..  For these students, a surety bond (which is a specialized type of bond) is required by statute and guarantees that the students will give back to the community.See more at the article below.See our Facebook page here.See our Twitter page here.http://www.natlawreview.com/article/fiduciary-bonds-who-needs-themSurety Bonds Medical studentshttp://tribune.com.pk/story/937590/practice-or-pay-up-medical-students-to-submit-rs3-million-surety-bond/Practice or Pay up: Medical student to submit surety bondMedical students will now have to furnish a surety bond for Rs3 million at the time of admission as an undertaking that they will serve in the primary healthcare sector for at least a year, Adviser to Chief Minister on Health Khawaja Salman Rafique sai
http://swiftbonds.com/surety-bonds-needed-for-students/
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Alabama – Fuel Tax Changes


There are new fuel tax bond requirements in Alabama for petroleum seller.  In October of 2016, there will be a change to the fuel tax bond that is required.  Remember, a fuel tax bond is a type of surety bond and is required by statute and guarantees that taxes will be paid to the state.See more at the article below.See our Delicious page here.See our Diigo page here.https://www.suretybonds.org/blog/alabama-new-fuel-tax-bond-requirement/New Fuel Tax Bond Requirement For Alabama Petroleum Product SellersAre you running a business as a petroleum products supplier in Alabama? Then it’s worth looking into a new piece of legislation coming into effect on October 1, 2016 that is going to affect your work.Bill SB 133, which has already been enacted, introduces a change to the fuel tax bond that is required for those who sell petroleum products for which there is an inspection fee charged. The fuel bond amount is increased and there are more types of suppliers now that are required to o
http://swiftbonds.com/alabama-fuel-tax-changes/
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Update on Medical Students need for Surety Bonds


Medical students and now going to be required to post a surety bond so that when they graduate, they won t just run off and make money.  No, instead, they will go out and go a responsible, give back to the community job, for at least a year..  For these students, a surety bond (which is a specialized type of bond) is required by statute and guarantees that the students will give back to the community.See more at the article below.See our Facebook page here.See our Twitter page here.Surety Bonds Medical studentshttp://www.tribuneindia.com/news/chandigarh/education/only-15-student-leaders-turn-up-to-furnish-surety-bonds/122502.htmlOnly 15 student leaders turn up to furnish surety bondsAhead of the Panjab University Campus Student Council (PUCSC) elections, out of a total of 50 student leaders and members of student organisations affiliated to different student organisations identified by the UT Police only 15 appeared before the Sub-Divisional Magistrate (SDM), Central, to furnish su
http://swiftbonds.com/update-on-medical-students-need-for-surety-bonds/
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Florida Medical Marijuana – Surety Bond update


In Florida, several companies have applied to be the state s medical marijuana dispensing organization.  For these companies, a surety bond (which is a specialized type of bond) is required by statute.See more at the article below.See our Facebook page here.See our Twitter page here.The six nursery businesses that have applied to be Southwest Florida’s medical marijuana dispensing organization are turning to prominent professionals in the Sunshine State and cultivation experts from Colorado who have experience in the pot-growing industry.The state has been divided into five regions and only one license will be issued per region. Overall 28 applications were submitted from 24 nurseries. The six applicants for the region that includes Southwest Florida are based in LaBelle, Arcadia, Sarasota, Ruskin (two), and Homestead.Applications, including a $60,063 non-refundable fee, were submitted to the Florida Department of Health’s Office of Compassionate Use by the July 8 filing deadlin
http://swiftbonds.com/florida-medical-marijuana-surety-bond-update/
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New Contractor for Edinburg


The city of Edinburg dropped its contractor and voted to allow performance bond provider Hanover Insurance Company to appoint a new contractor to finish the project.See more at the article below.See our Blogspot page here.See our Tumblr page here.
http://swiftbonds.com/new-contractor-for-edinburg/
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Friday, July 31, 2015

Oregon Revised its Law For Contractor’s License Bonds


Any contractors that are doing restoration work on either small commercial buildings or residential structures that are harmed by natural disasters or man-made causes are subject to the new rules for license bonds.See more at our Tumblr page.See more at our WordPress page.http://www.osbarconstruction.com/news2014-06.pdfHouse Bill 2977 (2013 Or Laws Ch 584) created a new classification of “construction labor contractor” (to be codified in ORS 658.015 to 658.991). The definition of a Construction Labor Contractor is someone who solicits, supplies, recruits, or employs workers to perform labor for construction projects.The bill becomes effective on July 1, 2015.Currently, the Wage and Hour Division of BOLI is working on administrative rules to be adopted by the end of 2014 so that they will be in place when the bill becomes effective. Excluded from the definition of “construction labor contractors” are the following: 1. “Staffing agencies” e.g. temporary employme
http://swiftbonds.com/oregon-revised-its-law-for-contractors-license-bonds/
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Saturday, April 25, 2015

Surety Contracts



Surety bonds

This is a contract that has three parties.  Instead of a typical contract with two parties, there is a third party that guarantees the performance of another party.  The party that is doing the guaranteeing is the surety.  The party being guaranteed is the principal, also known as the obligor.  The party being indemnified is the oblige.

Surety Insurance
Surety Insurance

Why are surety bond contracts used?

They are really a way to avoid risk in the marketplace.  Instead of placing all of the risk on one party (the owner or oblige), the contract instead provides that there is a guarantor.  This takes the risk away from a party that has very little ability to actually understand the risk.  Further, that party really also cannot afford to have any losses one these types of contracts.  Owners of a project are typically very much at the end of their financing – as they have expended most of their funds for the purchase of the property, design elements, etc.  Thus, they cannot simply just take a huge hit by a party not performing to the terms of the agreement. 
surety bond insurance

Another place that they are used is in federal government work.  This is due to the Miller Act, which requires a surety bond on any project greater than $200,000.  Unlike a private owner of a piece of property with a development on it, the government can actually afford a loss like this.  However, the government is completely unable to accurately assess and mitigate risk in these situations.  So, instead of having the government assess risk, a surety bond is used to transfer that risk to another party.
The surety company itself can be any type of entity – from a private corporation to a public entity to an individual.  However, in modern society, the most typical type of surety is a corporation.  Even more than that, there are not a lot of private companies that serve as sureties.  Instead, most surety companies are large insurance companies, like AIG, Zurich, Liberty, Philadelphia, etc.  These large insurance companies have a branch that deals solely with surety bonds.  The branch division is usually well capitalized and has a long history with loss runs in the industries that they underwrite.  Although bonds are written on a zero-loss basis (that is, they assume that the company will perform and, if they don’t perform, have enough collateral to cover the loss), losses can still occur.
surety insurance companies
  They use this historical loss amounts to understand the inherent risks and then work to mitigate those risks. Since the dollar amounts on large construction projects can be very large, it usually takes a large corporation to cover the inherent risks on these type projects.
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Thursday, March 19, 2015

Surety Bond claims - Direct versus Derivative


Surety claims are a bit more difficult than typical contract claims between two parties. Instead, the surety adds a layer of complexity...
http://swiftbonds.com/surety-bond-claims-direct-versus-derivative/
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Wednesday, March 18, 2015

Bonds are between people

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More Businesses Are Using Performance Bonds as Economy Struggles


More businesses are using performance bonds as the economy struggles to gain footing. The perceived risk is higher, which leads to a demand for risk mitigation.
http://swiftbonds.com/more-businesses-are-using-performance-bonds-as-economy-struggles/
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Tuesday, March 17, 2015

Forging a bid bond - not the best idea


An article about a company forging a bid bond and the ramifications of that fraud.
http://swiftbonds.com/forging-a-bid-bond-not-the-best-idea/
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Thursday, February 12, 2015

Tuesday, February 10, 2015

How To Get A Permit and license Bond - A Look Back

License Bonds

Realize that you are not an isolated person in the world that has the ambition of how to get a permit and license bond. In actuality, there are millions of men and women everywhere that desire to find the cheapest and best permit and license bond. The indisputable truth is that only a few will seriously make the commitment and achieve it.

Ask yourself once more: What type of license or permit surety bond do I need? Consider that question thoroughly, because folks who have successfully finding a permit and license bond have one single thing in common: every one of them are definitely diligent. You also need to become diligent in order to make your ambition of how to get a permit surety bond and license bond a reality.

Also be certain you possess the willpower that how to get a permit and license bond will need of you. What type of license or permit bond do I need? There may be a distinct difference between trusting something is a beneficial idea and ultimately doing it. Certainly, you'd need a lot of determination to keep up.

surety bond
You asked these specific questions and looked deep within yourself to figure out if you have what it takes to finding a permit and license bond. And you have accomplished a great deal to plan. Many people who have failed how to get a permit and license bond did so because every one of them were not entirely primed. By simply seeing if you have what it requires to finding a permit and license bond ahead of time, you certainly have invested yourself in moving along.

No matter how far back you may bother to look, you will find that folks who are how to get a permit and license bond have one distinct thing in common: they knew what they were getting into. They all understood what it could be similar to, what how to get a permit and license bond involved, and what was expected of them to carry out their goals. When you interpret what it involves to finding a permit and license bond, there is nothing to stop you!

How to get a permit and license bond needs your mental energy equally as much as it needs your physical energy. Apparently, how to get a permit and license bond is really physical, however just by keeping a very strong mentality you could train yourself for success.

Don't think of waiting until the last minute could keep you from getting the bond. How to get a permit and license bond necessitates someone to be diligent and determined. We understand that. Now we are able to review the stages recommended with how to get a permit and license bond so we could appreciate our upcoming achievements.

Just know, preparing your financials and business plan is necessary. Every time your mind relays that how to get a permit and license bond is impossible, just consider that someone who is preparing your financials and business plan will sail past the negativity and keep their attention toward the victory. Let's examine what is necessary to prepare seeing that our heads are where we require it to be!
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Tuesday, February 3, 2015

Monday, January 12, 2015

State Bond Apps and Forms


We have surety bond applications for most of our bonds online! We also have sample bond forms. Please visit your state for each applicable bond application.
http://swiftbonds.com/state-bond-apps-forms/
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Thursday, January 8, 2015

A great quote by George Patton


If you tell people where to go, but not how to get there, you'll be amazed at the results.
http://swiftbonds.com/great-quote-george-patton/
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