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Construction Bonds 101 – All You Need To Know

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Construction Bonds

To better comprehend construction bonds, you first need to understand that the terms “construction bonds”, “contract bonds”, “performance, payment and maintenance bonds” even “statutory and defect bonds” are all referring to the same thing.    

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What Is A Contractor’s License Bond?

dave
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Bonds

Although in reality contractor bonds are a type of license and permit bond, they’re typically confused and grouped with contract bonds. This is because they are used mostly in the construction industry.  

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How To Apply For A Surety Bond

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Surety Bond

You have just been asked to acquire a surety bond for a project and are left wondering ‘how do I do that?’ If you can relate to this, you are at the right place. At BondPro Inc, we get hundreds of emails every week from concerned contractors and project supervisors wondering how surety bonds work.  

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Why You Haven’t Received A Surety Bond Quite Yet

dave
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Surety Bond

In most cases where it’s been days before you receive any quotes for surety bonds, the delay might be due to manual reviews. All applications naturally go through a review process before they can be approved. If your application goes for a manual review, it means that when your application was input into the computer, it wanted a second opinion.  

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What Is A Performance Bond?

dave
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Bonds

You take on a project and realize you require a performance bond for it. Have no idea what it is? Don’t worry. In this blog post, we break down performance bonds and how it works.  

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Licensed Vs. Bonded – Know The Difference

dave
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Bonds

Are you aware of the differences between a contractor who is bonded and another who is licensed? With rising competition in the industry, it is imperative that you find out. Sifting through multiple contractors to find the most eligible contractor who also offers the most reasonable prices may leave you overwhelmed.  

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Surety Bond vs. Insurance – Is There A Difference?

dave
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Bonds

For some, lack of knowledge and the underwriting required for surety bonds can often be overwhelming, deterring them from diving into the immense opportunities it beholds. Most Americans don’t know what a surety bond is.  A majority of them confuse them with investment vehicles like securities when they are extremely different.  

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Renewing a Surety Bond? Here’s Everything You Need To Know

dave
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Bonds

The New Year brings with it tons of responsibilities including renovations, commitments and plenty of other financial obligations. There are hardly enough hours in the day to keep track of surety bond renewals. If you forgot to renew your surety bond by the end of the year, it’s not the end of it. All bonds don’t need to be renewed by December 31st.    

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Startsup And Surety Bonds

dave
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Bonds

Regardless of the industry, all entrepreneurs and business owners start their ventures with almost the same checklist—business plan, legal aspects, licensing and registrations, revenue model, and of course, that fancy logo.  

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How Long Does It Take To Get A Surety Bond?

dave
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Surety Bond

Even though there are plenty of types, surety bond is an assuring agreement between three parties. The parties are the principal (bond applicant), the obligee (project owner/client) and the surety (bond issuer). Simply put, surety bonds protect obligees from cases of fraud, penalties and abuse.  

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