Of all of the financial components that a contract surety bond underwriter considers when reviewing a performance bond request, working capital is the the first. Healthy working capital is indicative of a contractor’s ability to service his or her short… Continue Reading →
This law has been on the books for a LOOOOOONG time and its not news to contractors, CPAs and attorneys who deal with contract surety bonding on a day to day basis. We came across this very good piece wanted… Continue Reading →
Bottom line, tax returns are NEVER acceptable financial reports when applying for contract surety bonding. Except for very small bond requests a contract surety underwriter will require one more years of proper financial statements prepared by a certified public accountant… Continue Reading →
The Federal Register has issued a proposed rule to conform the regulations governing the Surety Bond Program to certain provisions of the 2013 National Defense Authorization Act (“NDAA”). Specific changes proposed are: Increasing the contract amount which the Small Business… Continue Reading →
As a surety-specific agency with a national footprint we numerous requests for “bid bonds” each day. Contractors who have dealt with corporate sureties are aware of what these are however many new and smaller construction and commercial services contractors do… Continue Reading →
The United States Department of Transportation has updated its protocols regarding the DOT’s Surety Bonding Education Program. As per the DOT and taken directly from their published circular, The Surety Bonding Education Program (BEP) process includes: Stakeholders meeting Members of… Continue Reading →
Reported in the January/February edition of the the SFAA Newsletter, the Minority Business Development Institute (MBDI) offered its first performance bond readiness program. The Program offers a direct, one-on-one learning opportunity focused on women, minority and local, emerging contractors. MBDI’s… Continue Reading →
The Small Business Administration’s (SBA’s) Surety Bond Guarantee Program was designed to increase small businesses’ access to federal, state, and local government contracting, as well as private-sector contracts, by guaranteeing bid bonds, performance bonds, and payment bonds for individual contracts of $2 million… Continue Reading →
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