2021 Executive Insights: Leaders in Surety Bonding
Industry experts share their thoughts on all things surety bonding-related in 2021.
Surety Bonding
When Should a General Contractor Require Subcontract Bonds?
The relatively low cost of a subcontract bond provides the opportunity for greater recovery in the event of a default, and it provides a greater certainty of a successful outcome on the overall project for the continued profitable operation of the general contractor’s enterprise.
Many Contractors Remain Unaware of the Refundable Tax Credit for Employee Retention
Many businesses remain unaware of the Employee Retention Credit and the benefit that it could bring them if they qualify. It is always worth exploring the possibility of qualification for any company, as the dollars involved can often be startling.
Is the Surety Industry at an Inflection Point for Paperless Construction Bonds?
The working conditions necessitated by the COVID-19 pandemic are accelerating the surety industry’s efforts—and the interests of bond stakeholders—to move toward paperless processes and environments.
Breaking the Bonds of the Past
For surety groups unable to build and maintain their own surety systems, third-party software solutions can help usher them into the next century of bonding.
Surety Bonding Expands Contractors’ Business Opportunities
By obtaining a surety bond, contractors gain access to the unique perspectives and input of professionals in the industry.
Contractor’s Defense of Premature Miller Act Payment Bond Claims
On federal projects, subcontractors can make a payment bond claim if the contractor fails to pay them. However, a contractor’s surety cannot rely on a conditional payment clause to defend against the claim.
SFAA and NASBP Revise Electronic Surety Bonding Guidelines
The Surety & Fidelity Association of America and the National Association of Surety Bond Producers have jointly issued revised guidelines on electronic surety bonding and digital signature best practices.
