Avoid Cost Overruns With Work In Progress Reports

Denise Gillin Uncategorized

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. Participated in “Building Blocks for Business Success”

Denise Gillin Uncategorized

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 …

Bridge maintenance contractor sentenced to 18 months…

Denise Gillin Uncategorized

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 …

Are You Ready for a Hard Market?

Denise Gillin Uncategorized

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 …

#BuildingRelationships

Denise Gillin Uncategorized

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 …

Surety Association of Canada Lauds Budget Infrastructure Investments

Denise Gillin Uncategorized

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. …

Surety Bond Producers Keep Eye Out For Illegal Waivers

Denise Gillin Uncategorized

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 >>>

Surety bond producers offer sound advice for construction firms

Denise Gillin Uncategorized

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 …

The definition of a subcontractor, and why it matters

Denise Gillin Uncategorized

What is a subcontractor? The answer to this question seems obvious – a subcontractor is a contractor that contracts with the prime contractor to perform a scope of work on a construction project. However, it is not always easy to distinguish a subcontractor from a materials supplier (sometimes referred to as a “materialman”). That distinction is important in the context …

How to win construction bid proposals

Denise Gillin Uncategorized

Three simple steps to set your company apart from the competition. Everyone thinks the hard work in construction is in the actual building. But in fact, that’s the fun part—it’s what you signed up for when you first got involved in this industry. The real grind happens before a single shovel ever hits the dirt: the construction-bid-proposal process, in which …