Why do Contract Surety Bonds Matter in Construction?
Construction is an expensive and risky business where there is the danger of contractors not being able to undertake the projects at the amounts they bid. There’s a second area of concern too, as payment…
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Surety Industry to Nearly Double in Next Decade Due to Contract Surety
The global surety market is expected to grow to over $28 billion by the year 2027, up from $15.33 billion in 2018. The growth of nearly 100% is expected due to the imminent replacement of…
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Closing the Estate & Estate Surety Bonds in New Jersey
Administrators of intestate estates or executors under a will are required, pursuant to N.J.S.A. 3B:10-23, to settle and distribute an estate “as expeditiously and efficiently as is consistent with the best interest of the estate.”…
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Federal Contracts Without Bonding Requirements May Still Require Bonds
Federal construction contracts over $150,000 requiring payment and performance bonds should not be a surprise to federal construction contractors. But what happens when a federal contract over $150,000 is ambiguous as to whether it’s specifically…
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What is a License & Permit Surety Bond?
License and permit surety bonds are a specific type of surety bond required by federal, state, and local government agencies to ensure that a business stays in compliance with all applicable laws and regulations. Sometimes called…
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As the Economy Grows, More License & Permit Surety Bonds Needed
Non-farm employment rose by 312,000 in December 2018 with job gains occurring in health care, food services, construction, manufacturing, and retail, according to the U.S. Bureau of Labor Statistics. With more people employed, it means…
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Federal Rules of Civil Procedure Now Allow 30 Days for Appeal Bond
Effective December 1, 2018, several changes to the Federal Rules of Civil Procedure were enacted, including rules mandating electronic service and filing for persons represented by counsel, establishing a national signature standard for electronic filing…
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Funds Control in Contract Surety
Construction projects and contract surety come bundled with an assortment of risks, ranging from inability to meet deadlines to poor workmanship to workplace injuries. But one of the biggest risks of a construction project isn’t…
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What is a Surety Company?
Surety bonds are either written by individual surety companies or subsidiaries or divisions of larger insurance companies engaged in the business of acting as a surety. These companies are authorized to do business by the state…
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