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While public (federal, state, or local agencies) projects are required to provide performance and payment bonds, private construction generally does not require bonds. For privately-owned construction jobs, it is up to the owner to secure a bond. While most contractors will work with a surety to provide the bond, some contractors will make it mandatory…
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Contract workers are required to attain a license or permit bond from a surety bonding company, such as ourselves. They are also required to obtain worker’s compensation and liability coverage for their crew. The difference between bonding and insurance can be a bit confusing and unclear. Read on to learn how to decipher between the…
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Your bond experts are standing by, ready to assist contractors in pre-qualifying their bond applications for municipalities, schools, and public works that will be opening soon. At CBS, our specialty is to help you get the construction bonds you need. We’ll decipher the paperwork and make recommendations to place you on top! Construction Bonding Specialists…
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Surety bond producers are the middle people between the surety company and the contractor. Construction bond producers understand the surety and construction industries and are crucial when seeking to acquire surety credit. The surety bond producer can make or break an active contractor’s surety as they determine approval, bond size, and collateral obligations. They…
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Surety bonds are contracts between three parties: the principal, surety, and obligee. These bonds have many characteristics you might not know about. Read on to learn more about surety bonds. Ancient HistorySurety bonds are ancient, mentioned in the Code of Hammurabi (circa 1754 BC), the Bible, and the Quran. To construct buildings, walls, roads, etc.,…
Read more March 23, 2021Get Your Bid, Performance, or Payment Bond Now! Bid Bonds Bid Bond is a prequalification indicating that the contractor is bondable for the performance and payment bond should they be read low or chosen by an Owner/GC/CM that they will enter into the contract and provide a Performance and Payment Bond. Performance Bonds Performance…
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