Blog – Info for Contractors!

Surety Bond

As a business owner, you need a surety bond to protect your best interests. Therefore, you have to choose the right bonding company to make sure you are protected. When choosing from the many bonding companies around, see to it that you exercise common sense when evaluating the companies according to their track records, reputation, and bonding processes. A surety bond is usually used in the construction industry. It is a three-way agreement between the owner, the contractor, and the surety company. It ensures the owner that the project will be completed by the contractor. With this type of performance bond, the owner is protected in case of contractor default. Surety bond companies are considered part of the insurance industry. The main role of these companies is to guarantee the commitment of the contractor to follow a contract. Some surety companies though may charge a premium for backing a contractor. The risk associated with underwriting a contractor leads these companies to do extensive research on contractors they hold bond with. You can expect these surety companies to ask for references from the contractor as to their experience in completing a contract. Aside from this, surety companies will also investigate if the contractor has the necessary workforce and equipment to carry out the completion of the project. Other factors to be considered by surety companies include bank relationships, credit history, and current lines of credit. Before you work with a surety bond company, ask around your neighborhood regarding the surety companies other businessmen recommend. Once you have a list of names, do your own research and find out about the kind of contractors they bond with. Also ensure that the bonding company is licensed for bonding by checking the US Treasury Department. You can also ask the company about the bonding process they use for their contractors. This way you can see if they are very strict about whom they bond with. Lastly, see to it that your communication lines are open with the surety bond company so they can properly underwrite the contractor and get you fully protected from any liabilities.

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Bid Bonds For Bad Credit

Desperate needs call for desperate measures. Any person can require quick and easy funds at any point in time. However, if he is a bad creditor, it becomes more difficult for him to avail the fund. In such a case, Bad Credit Loans prove very beneficial. Bad Credit Loans are advances which help people avail the money. The applicant can avail this fund by applying for it in either a secured form or an unsecured form. In the secured form, the applicant will have to place some sort of security or property as collateral against the loan to avail commercial truck loans. This serves as an assurance to the lender that he will pay the amount back on time, which leads the lender to charge the candidate with a comparatively lower rate as compensation. However, the applicant does face a huge risk of losing possession of his property if he is unable to pay the amount back on time. The candidate can borrow any amount which lies in the range of £500 to £100000 and the lender will want in back in a time period of 1 to 25 years. In the unsecured form, the candidate does not have to provide the lender with any assurance of any sort to avail the facility. However, due to this, the lender finds himself in a fix and to avoid any losses, he charges the applicant with a higher rate of interest. Though, the applicant does not face any risk of losing possession of his property of he does not pay back on time. The lender can sanction any amount which lies in the range of £1000 to £250000 and the person should pay it back in a time period of 1 to 10 years. People who do not have a good credit history or background can also apply for used truck loans without having to worry about his financial status or any other problem. The applicant can easily avail this facility online. The online application form is very easy to fill out and can be done in seconds and submitted to the lender. Once the form is received by the lender, he will verify it and transfer the money to the bank account.

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Bid Bond Definition

Law defined by the Webster dictionary is a ‘binding custom or practice of a community’. It is ‘a rule of conduct or action prescribed or formally recognized as binding or enforced by a controlling authority’. Each land has its own law but the sole purpose of law is to integrate people and ensure a cohesive bond amongst different strata of the society. Breaking law, thus, is synonymous to threatening the integrity of the land. From the ages of lawless lands of jungle where nature ruled man’s lives to the modern-day courts – the journey of law, irrespective of its land of practice, is as rich and enduring as the journey of the mankind. Just as mankind is still growing, progressing and breaking new boundaries, the law that binds the mankind is also evolving continuously. Old rules are challenged; new laws are born ensuring the well-being of the land and the people who live off and on it. The concept of law has been debated for ages – from the 1500s amongst the greats like Francis Bacon, Voltaire, Rousseau, Montesquieu to David Hue to the modern day judges and lawyers, law has been argued and reargued again and again so that all points of time – it is the victory of the mankind, what is good and just and not the victory of an individual. This law may vary from land to land but the basic human sense of justice and truth prevails irrespective of geographical boundaries. So in essence laws of all lands are more or less similar. Law is symbolized by the blind-folded lady – the reason being law does not see who is in front of it, but practices it equally for all. Law can be categorized under many categories – Civil law for example laws related to land, property, families and societies, Constitutional law related to the constitution of the land, Criminal laws involving the laws to curb the criminal activities in the society, Human Rights, Environment, Administrative law, International law and so on and so forth. Based on the country, the judiciary system of law differs, the structure and the power assigned to the judiciary system also varies accordingly. In countries ruled by military power or under some monarchies, often the judiciary lies with the governing power and is not considered as an independent body as in many democracies. Practicing law is very interesting. The best part of practicing law is that one can pick up law at any point of their lives. Unlike most professions, where you need to start very young, law gives you the flexibility to study and practice law at a later stage in life as well. The practicing lawyers generally specialize in one of the categories of law. How one practices law and how the law is upheld in a society depends upon people’s values of ethics and moral. The more law-abiding the citizens are, the better are the chances of prosperity for that land. However as St. Augustine had famously […]

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Bid Bond

For most occupations, including the likes of insurance agents, contractors, and any business that relates to bidding or labor forces, will require some type of surty bond. Even though there are many types of bonds available including, permit, licensing, contract bond, figuring out how all of these works, should give you a much better look at which maryland bonds are going to be most effective for the MD business you own. Firstly, bonds are three way contracts made between the owner (known as the obligee), the  contractor (known as Principal) and the company doing the bonding (also known as Surety). The bonds are meant to signify the agreement that the contractor will perform the task promised to the owner, according to what’s stated in the contract(s). If this ends up not happening, Surety will be forced to compensate the owner for the contractor’s damage. Contract bonds: These are promises made the bonding company that they will do the service, or pay for the service,if the contractor does not complete the job within the time frame, or below the expectations of the owner(s). In addition to this, protections preventing liens are also offered. Liens might happen if the contractor ends up not pay the subcontractors, suppliers or any of the workers. Maryland bonds are created specifically to protect interests held by the owners. In these bonds, both parties are expected to fulfill the stipulations made within the contract. Similarly, if the contractor does not meet their stipulations, the owner will not receive it’s end unless it fulfills their part of the deal. Permit and License Bond License and permit bond are in huge contrast to most types of contract bonds or other types of bonds that might be required by the federal government, municipal governments or the state government. These bonds are required if any business wants to keep their commercial license to continue operating in the Maryland state. They will need to provide assurances that their business is financially secure and that it protects the safeguards set for the public’s safety, morals, welfare and health. Even though most of these bonds are only able to cover up to the limit explicitly state on penal sums, it will also provide the business with coverage for taxing authorities, suppliers and laborers. You must then purchase additional forms of coverage through liability policies for commercial use. Since bonds are not considered to be a type of insurance contract, you will need to understand that it will not cover property damage or third party injuries that result from any type of negligence from the contractors. You can purchase Maryland bonds in many different companies, some that also provide insurance. The rates at most companies can vary, but not by a significant margin. If you look online for bond providers and can find many different providers who are willing to cover the risks you’ll face. When you get ready to apply for the bonds, they will look at your  credit and other claims before they […]

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Where To Buy A Surety Bond

Where To Buy a Surety Bond There are many forms of bonds to fit various business circumstances, such as performance bonds; contract bonds; or bid bonds. A surety bond is essentially a risk transfer mechanism. The bonding company (surety) provides the governing authorities (obligee) a guarantee that the construction contractor (principal) will live up to contract obligations. The government often requires surety bonds for construction companies competing for government contracts. Private firms or general contractors may also require a surety bond when accepting bids from sub-contractors. Swiftbonds LLC are the industry leading experts in all forms of construction bonds. Go here right now to get your surety bond needs met Claims and Obligations A surety bond may be required to resolve disputes by paying a claim in case the contractor does not fulfill their obligations. Should a claim be made for a failure to live up to the contract provisions, the construction contractor will be required to pay back the surety company and may have difficulty obtaining future bonds. For more information on surety bonds, visit the Small Business Administration website: (sba: https://www.sba.gov/surety-bonds). Bonding Capacity Bond capacity is the dollar amount (or bond line) a contractor may be approved for. The single limit is the largest amount a single bond may be written for on each job. The total limit is the aggregate sum of all outstanding bonds a contractor can carry at the same time. Where to buy a surety bond Most companies distribute surety bonds through an agency or brokerage. In return the contractor pays a rate based on the size of the contract. At Swiftbonds LLC, we earned a reputation for providing the lowest possible rates. While many agents can be found locally and online, they must be licensed to operate in the contractor’s state. As a professional bond producer we can guide the contractor in the bonding process, helping to establish a relationship with a surety company. We assist in managing surety capacity for the contractor. As a professional bond producer, we can offer business advice and expertise on related issues. As brokers, we gain understanding of the contractor’s business. Then guide the company in meeting the submission requirements of the surety company best matched to their needs and profile. All surety companies have various guidelines of their own and will not be suitable for all contractors. The surety company Once the bond producer gathers all the required information, it is submitted to a surety bond underwriter who determines whether the contractor is capable of completing the project in question, such as required equipment or labor, and whether they have the means to pay back the bond in case of a claim. This is often called the prequalification process. This may take time as the bond underwriter analyzes the bond-seeker, and the bond producer may called upon for further information or clarification. Choosing a bond company When searching where to buy a surety bond, construction firms can be confident that Swiftbonds has checked with every state […]

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