Leveraging Risk Technology to Drive Construction Worksite Safety
Implementing a cloud-based risk management information system can streamline risk management decision-making and promote jobsite safety practices.
Surety Bonding
Best Practices for Avoiding Payment Disputes in Commercial Tenant Improvement Contracts
Following essential business practices when drafting commercial tenant improvement contracts can help contractors stay on schedule and manage the client’s expectations.
Bonded and Insured: Are Both Needed? What’s the Difference? Why Does It Matter?
Surety bonds and insurance are forms of risk management meant to protect against financial loss. But what they cover and how claims are handled differ.
Uniformity in Florida’s Construction Bond Laws Brings About Fairness for the Industry
More consistency among Florida laws should benefit contractors, as well as lower-tiered subcontractors and suppliers.
General Indemnity Agreements: Can the “Impenetrable” Be Breached?
General contractors should be aware of obligations under the general indemnity agreement when making a claim on a surety bond, and acknowledge their obligation to repay the surety.
Know Your Payment Bond
If a claimant does not comply with the exact language of the payment bond, the surety company can deny the claim. Know time limitations for filing claims.
What Contractors Can Do During the COVID-19 Pandemic: A Bonding Agent’s Recommendations
Now is the time to rely on trusted advisors. Bonding agents recommend contractors review contracts, bonding and insurance need; communicate; stay liquid if possible; and stay calm.
Addressing Cash Flow and Credit Impacts Related to COVID-19
Financial planning and projections will ensure a contractor’s compliance with banking requirements, maximize surety credit, as well as ensure growth and stability for future projects and profits.
