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Construction Bond

The Difference Between Insured and Bonded Contractors

When hiring a contractor there is a big difference between contractors that are insured, a contractor that is bonded or one that is both insured and bonded.  Exactly what are those differences and how do they affect you as a homeowner? When a contractor is bonded and insured it offers an incentive for homeowners to…

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Bonds Used Often in Construction

Within the construction industry bonds are frequently used to help reinforce industry regulations and contractor/client relationships.  Many of us outside the construction and bonding issue are at a loss when trying to understand the purpose of construction bondsas well as how they work to benefit each individual in the process.  Don’t worry though because this…

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4 Surety Bonds for Small Business

Surety bonds are often associated with insurance.  This is understandable for a few reasons.  Bonds provide coverage for losses that are incurred and are often sold by insurance agents.  The difference however is that with surety bonds they must be noted where as regular insurance does not. In the article below we will discuss several…

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What is a Construction Bond?

A construction surety bond is commonly known as a contractor’s license bond.  It is used to make sure that a construction project is completed as stated within a given contract.  In the event that the contractor is unable to complete said contract on time, within budget or other ramifications stated within the contract the surety…

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Basic Bonds In the Construction Industry

There are three basic type of bonds used within the construction industry.  They are the bid bond, the performance bond and the payment bond.   These three basic types of bonds are used to guarantee that contractor will perform the work contracted, at the price contracted within the period of time contracted.  If this doesn’t occur…

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Auto Dealer Surety Bonds in Claim Process

In this installment of surety bonds we will continue to look at major points of the claim process in auto dealer surety bonds. Eligibility Only certain consumers are eligible to process a claim against the auto dealerships surety bond. –          Consumer Purchaser:  Most of the claims that a consumer will make are related to the…

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