News and current information for our surety bond clients.
Large overbillings or underbillings can be an indication of problems that could jeopardize the stability of a contractor’s bond program. Generally Accepted Accounting Principals (GAAP) state that to be accurate, the best way for a contractor to report earnings is most often on the Percentage of Completion (POC) method of accounting. This method ties together what the contractor actually earned, …
Great turnout for the US Department of Transportation Bonding Education Program in partnership with The NC Institute of Minority Economic Development and FAM Construction, LLC at Fairfax, VA. This three-day program was filled with great information on how to obtain and increase bonding. One firm came to learn about the process and left with the potential to obtain over $1 …
Cost overruns are a common occurrence in the construction industry. It’s far too easy at the mid-point of any project to misjudge billing against the actual status of the project. That’s where the Work in Progress (WIP) report comes in. The work in progress (WIP) report or WIP schedule is one of the most important reporting mechanisms in the construction …
Construction Bonds, Inc. (CBI) was a participant at the Hampton Roads Annual Grow Sales Small Business Conference, Hampton, VA, last week. The half-day conference of workshops was focused on the basic elements of government contracting, the procurement process, marketing strategies, financing management, access to capital and other great topics to provide business owners guidance to take their businesses to the …
When the federal government funds a project, that gives it the right to step in and protect its interests. In another case also involving concrete, the DOJ settled a civil lawsuit against Pennsylvania-based Universal Concrete Products Corp. and its co-owner and president back in January amid allegations that the company falsified test records for concrete panels furnished during construction of …
Planning When You Don’t Need It Will Save You When You Do By: Kirk Rathjen, Regional Vice President, Contract Underwriting, Merchants Bonding Company Construction and surety have grown strongly over the past ten years with plenty of capacity, keeping the market soft, but it is always cyclical, so it’s just a matter of time before we start leaning toward a …
Construction Bonds, Inc. is a proud member of the Metro DC Hispanic Contractractors Association. We participated at the Sprint Tech Center, Reston, program where F.H. Paschen team members educated the crowd about their subcontracting process and the many different opportunities available. We enjoy getting out and learning more about our fellow subcontractors, but more importantly we get a chance to …
The 2019 federal and provincial budgets will assist in stabilizing the construction and surety markets, says to the Surety Association of Canada. One of the provincial budget highlights, according to the association, included Ontario’s Capital Plan Outlook for planned investments in 2019-20 totaling $14.7 billion and reflects the government’s commitment to invest about $144 billion over the next 10 years. …
The surety bond industry regularly reminds state and local governments, politely, that public works in all states must involve surety bonds. That’s the law. And the National Association of Surety Bond Producers, the bond brokers and agents trade group, has been letting state and local officials know, in writing. Find out more >>>
Commercial construction is a competitive business, and to succeed, contractors need to find the best support and advice possible. One way for a construction contracting company to ensure access to critical relationships needed for sound business advice and for qualifying for surety credit is to partner with a professional surety bond producer, according to experts at the National Association of …
