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A subdivision bond is typically purchased by a landowner or developer when upgrades and/or changes are required by a local government authority. It guarantees the work is completed according to the terms set forth. In the agreement with the city, township, or municipality. Examples of Subdivision Bonds These bonds provide financial assurance that the landowner will…
Read more May 31, 2016Surety bonds are a part of everyday life. Many individuals don’t understand the concept of bonds and how they are used to protect parties entering into a contract with one another. In basic terms a surety bonds are a binding legal agreement that offer financial guarantees to the parties involved in a multitude of contracts. …
Read more May 24, 2016Contract Bond Types Contractor License Bond: Purchasing a contractor license bond is almost always a requirement of contractors before they are licensed to work on construction projects. Depending on the laws within the state, county, city or even subdivision a contractor license bond could be required. Without the necessary contractor license bond in place the…
Read more April 28, 2016Looking for a professional contractor for commercial or residential construction projects can be all consuming. There are steps that need to be followed to ensure that the contractor you are hiring can meet the performance expectations while staying on time and within budget. In order to evaluate the contractor’s ability to accomplish this you must…
Read more April 27, 2016What exactly is the difference between a contractor that is licensed, one that is bonded and/or one that is insured? Competition in the construction industry is brutal. Wading through contractors to determine the most qualified individual at the most reasonable price leaves many consumers baffled. Where can consumers skimp and where shouldn’t they when it…
Read more March 28, 2016Surety bonds are contracts between a business, bonding company and third party. They are purchased by businesses to confirm the fiscal worthiness of a company as well as to offer affirmation on their reputation. If a business should fail to comply with a contract the bond acts as financial coverage to the third party. Obtaining…
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