Surety Blog

Must a General Contractor Reveal Who He is Using for Subcontractors and Material Suppliers?

If it is the owner who is asking, that would be an emphatic yes.  An owner has a very vested interest in who the subcontractors and suppliers are to the general contractor.  Under the Florida Lien Law, if the general contractor fails to pay a supplier or subcontractor, then the owner may have to pay [...]

By |2013-09-19T13:15:22-04:00September 19th, 2013|Surety Blog|Comments Off on Must a General Contractor Reveal Who He is Using for Subcontractors and Material Suppliers?

Sureties are getting Skittish

As a contractor, you know better than your surety what is happening in the construction marketplace.  You see certain contractors who are so desperate for work that they are bidding work at unprofitable levels just to keep their crews busy.  You know that a contractor cannot sustain their operations with unprofitable work.  You also know [...]

By |2013-09-17T13:33:27-04:00September 17th, 2013|Surety Blog|Comments Off on Sureties are getting Skittish

Disappointing Jobs Numbers In July Might Force Fed to Continue Quantitative Easing – Or Not

We only gained 162,000 jobs in July.  Unemployment dropped to 7.4% but that was largely from frustrated people giving up on even trying to find a job.  According to the government, you aren't unemployed unless you are actively seeking work.  For some reason, the Fed is apparently more interested in this unemployment rate than total payroll numbers.  Thus, [...]

By |2013-09-12T20:38:59-04:00September 12th, 2013|Surety Blog|Comments Off on Disappointing Jobs Numbers In July Might Force Fed to Continue Quantitative Easing – Or Not

You Have Millions of Reasons Not to Sign a Bad Bond Form!

People are not generally evil.  They don’t create malicious bond forms because they want to hurt everyone they meet.  Usually the toughest of language in a bond form can be traced back to a bad experience the owner or General Contractor is trying to avoid in the future.  We should have a good deal of [...]

By |2013-09-10T14:45:25-04:00September 10th, 2013|Surety Blog|Comments Off on You Have Millions of Reasons Not to Sign a Bad Bond Form!

More Than Ever, Manage your Subcontractors

With the slowdown in construction, we are seeing a dramatic increase in subcontractor defaults.  Even subcontractors who have been in business for many years are having some difficulty.  Many General Contractors are bemoaning that last year would have been better if it weren't for one subcontractor or another.  This is a dangerous time to be [...]

By |2013-09-05T15:02:46-04:00September 5th, 2013|Surety Blog|Comments Off on More Than Ever, Manage your Subcontractors

Trust, Respect, and Accountability

Maintaining the surety relationship requires trust, mutual respect and accountability.  These qualities are developed over a long period of time and require open and honest communication.  You want to maintain and increase your surety credit.  You accomplish this by providing the surety accurate, detailed, and consistent feedback on your business.  Over time it will earn [...]

By |2013-09-03T15:02:48-04:00September 3rd, 2013|Surety Blog|Comments Off on Trust, Respect, and Accountability

You Know What You’re Doing; But Do You Know When You’re Done?

A real focus of a successful contractor is to reach substantial completion on time and within budget.  Guess what?  Not everyone agrees on what is substantial completion.  Usually, you think that getting a certificate of occupancy should suffice.  Not necessarily if you are dealing with residential or hotel construction.  If substantial completion is the ability [...]

By |2013-08-28T16:53:56-04:00August 28th, 2013|Surety Blog|Comments Off on You Know What You’re Doing; But Do You Know When You’re Done?

So, You Want to Run with the Big Dogs?

You think it’s time to take your company to the next level?  The competition is a little fierce in your arena, so maybe you are looking at yard where the big dogs play.  How will you make that step?  What are your pitfalls?  We represent over 600 contractors in Florida.  We've helped many of them [...]

By |2013-08-26T14:23:21-04:00August 26th, 2013|Surety Blog|Comments Off on So, You Want to Run with the Big Dogs?

Surety Capacity and Market Stability — the Boat is Rocking!

Has your surety started asking more questions?  Do they act more nervous?   Many sureties are like that subcontractor who is losing money on other jobs; they can make life miserable for you.  Because of their losses, many sureties have dramatically raised their underwriting standards along with their rates. Some sureties have severely limited job sizes [...]

By |2013-08-23T16:36:36-04:00August 23rd, 2013|Surety Blog|Comments Off on Surety Capacity and Market Stability — the Boat is Rocking!

Tell Me Yes, or Tell Me No, But I Hate a “Slow No!”

Have you ever had a “Slow No?”  You give your bond request to the bonding agent and he says he’s “working on it,” and so you think you are OK. Several days go by, and you call again, and he’s still “working on it”.  A few more distressing days go by and you start to [...]

By |2013-08-21T15:43:51-04:00August 21st, 2013|Surety Blog|Comments Off on Tell Me Yes, or Tell Me No, But I Hate a “Slow No!”
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