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Surety bonds are essential in the construction industry for managing risk among multiple parties and large financial commitments. They ensure that owners, contractors, subcontractors, and suppliers can trust one another to fulfill obligations and receive agreed-upon payments or services. Surety bonds protect all parties involved in a project, helping ensure that work is completed as…
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In the construction industry, risk is part of every project. From fires and theft to contractors failing to deliver on their commitments, unexpected challenges can threaten budgets, timelines, and relationships. To manage these risks, project owners and contractors often turn to two tools: insurance and surety bonds. While they may sound similar, they serve very…
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Tariffs are government-imposed taxes on imported goods, often designed to protect domestic industries or generate revenue. These fees, which may be charged as a percentage of value or a flat rate per unit, are paid by the importer at the point of entry into the U.S. For the construction industry, this means materials like steel,…
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Not every construction project requires a bond, but there are several key situations where they are typically mandated. These bonds provide financial protection to all parties involved, ensuring that the project progresses smoothly and that obligations are met. Below are some of the common scenarios where construction bonds are required: Public Projects Government construction projects…
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At Construction Bonding Specialists, LLC, we understand that securing bonds is an essential part of a contractor’s ability to win new projects. That’s why we’re excited to share a streamlined program designed to make bonding faster and easier for contractors in Michigan. Whether you’re a small business or an established contractor, our goal is to…
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For construction companies looking to expand, securing larger projects often requires higher bonding capacity. Surety bonds assure project owners that a contractor is financially stable and capable of completing a project. Without sufficient bonding, contractors may be limited to smaller projects, which can hinder growth. Therefore, increasing bonding capacity is a crucial step for contractors…
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