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If you’re involved in Michigan’s public construction projects, understanding the ins and outs of bond claims is essential. Below are answers to frequently asked questions about Michigan’s public payment bond claims laws, so you can better navigate the process when you need to file a claim. 1. What Types of Public Projects Are Covered Under…
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Despite changing economic conditions and evolving regulations, several tax advantages remain consistent for manufacturers and contractors. Here are five key tax breaks that can help reduce tax liabilities, improve cash flow, and better navigate financial uncertainties. Cost Segregation Studies Cost segregation allows businesses to accelerate depreciation on buildings by reclassifying certain components, such as equipment…
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Construction projects come with inherent risks—delays, financial losses, and contractual disputes can arise unexpectedly. While these risks can’t be entirely eliminated, they can be managed effectively. That’s where commercial surety bonds come in. These bonds provide financial protection and performance guarantees, ensuring that all parties involved in a construction project—owners, contractors, and subcontractors—are safeguarded against…
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Securing a general contractor license is a significant milestone, opening doors to new opportunities. However, meeting licensing requirements is essential, including obtaining a surety bond. Surety bonds serve as a financial safety net, protecting clients and the public from potential losses due to incomplete projects or subpar workmanship. This guide will break down the process…
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The Build America, Buy America Act (BABA) has introduced significant changes to the procurement policies governing federal funding for state and local construction projects. As the most extensive domestic preference law in U.S. history, BABA mandates that all federally funded projects use American-made iron and steel, manufactured products, and construction materials. For those in the…
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Surety bond underwriting involves the pre-approval and evaluation of two primary performance requirements. These requirements, determined by the principals, are assessed to evaluate their risk level. The underwriting process encompasses a variety of concerns. Here are 10 key underwriting concerns you should be aware of: It is crucial to address these concerns before proceeding with…
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