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What is a surety bond? A surety bond is a signed agreement that guarantees compliance, payment, or job performance. Sureties are a type of insurance with a three-party contract in which one party (the surety) guarantees the performance of a second party (the principal) to a third party (the obligee). Surety bonds written for construction…
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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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Specific sections of roadway are being showcased by the Michigan Department of Transportation by way of signs that say, “Bond Financing at Work,” which alludes to Governor Gretchen Whitmer’s 2020 road bonding plan. MDOT spokesman Jeff Cranson said about 15 green signs ($750 each) have been installed throughout the state with plans to install more….
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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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The construction season is fast approaching, so those bidding on new jobs will need to make sure they have the appropriate contract bonds lined up to qualify for review. The process can be confusing, and unfortunately, some requests for proposal (RFP) contain vague language regarding the bond specifics. Those vying for government construction work and…
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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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