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Surety Bonds

Understanding Bonding Capacity and How to Increase Yours

Understanding Bonding Capacity and How to Increase Yours

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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Michigan Bond Claim FAQs: A Guide for Construction Surety Bonds

Michigan Bond Claim FAQs: A Guide for Construction Surety Bonds

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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Tax Saving Opportunities for Manufacturers and Contractors

Tax Saving Opportunities for Manufacturers and Contractors

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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How to Determine the Surety Bond Amount for Your General Contractor License

How to Determine the Surety Bond Amount for Your General Contractor License

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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10 Key Concerns to Know About Surety Bond Underwriting

10 Key Concerns to Know About Surety Bond Underwriting

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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History of Surety Bonds

History of Surety Bonds

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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