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Surety bonds have been a significant part of the commercial landscape for over a century. In fact, the concept of suretyship—providing guarantees—dates back several centuries. Although surety bonds are classified as a form of insurance due to capital requirements, they function more similarly to a banking instrument. This is because a contractor must qualify for…
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When you’re navigating the world of contracting and construction, understanding the different types of bonds can be crucial. Among these, Contractor License Bonds and Permit Bonds stand out for their role in ensuring compliance and ethical practices. This article describes these two bonds, explaining their importance and how they function within the industry. What are…
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Nordlocker, an encryption software firm, conducted research in 2021 and found that the construction industry faced the highest risk of ransomware attacks among 35 analyzed industries. This risk has increased since then, with Nordlocker reporting in 2023 that the construction sector experienced the most ransomware attacks from January 2022 to January 2023. The construction industry’s…
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In the world of construction, bonding plays a crucial role. For many contractors, obtaining a bond isn’t just a mark of credibility, but also a legal necessity for many projects, especially government ones. For those who are unfamiliar or just starting, understanding the smaller nuances of bonds can be daunting. One of the initial steps…
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Most construction projects require contractors to provide bonds, which protect the owner against non-payment, lack of performance, shuttered business, or warranty issues. Also known as contract bonds, construction bonds guarantee the bondholder will fulfill the contract terms. Contractors generally purchase construction bonds to protect project owners from monetary loss. If an issue arises, the owner…
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The establishment of electronic surety bonds is owed to the National Multistate Licensing System and Registry (NMLS), an organization that simplifies the process of obtaining and validating professional credentials, such as licenses, across different states. The creation and prevalence of electronic surety bonds are primarily due to NMLS’s advocacy for their adoption and their provision…
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