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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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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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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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