Surety vs. Insurance in Contract Surety
Surety bonds and insurance may seem similar and come from similar companies, but they are not the same thing, especially in contract surety. With Colonial Surety, contractors are essentially able to establish a line of…
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Pre-Bid Due Diligence is a Key for Contractors
Evaluating subcontractors and material distributors in a construction project while having clear, quality contracts can be the difference between making profits or suffering a loss. That’s why it’s so important for contractors to do due…
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New Union City Construction Bonding Rules In Place
Union City, New Jersey has enacted a new resolution at its recent Board of Commissioners meeting, changing the type of bonds issued by the city to construction companies. The city is now requiring performance bonds;…
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Joint Ventures Let Companies Share Bonding Responsibility
Joint ventures are surely more complicated than just taking on a project yourself. But utilizing the skills and aptitude of a joint venture partner can provide great benefit while also mitigating your company’s risk. As…
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Key Provisions in School Construction Contracts
Not every school construction project can go 100% swimmingly. Some are going to have delays or errors or go over budget. And the best way to guard against these roadblocks in school construction is a…
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New Musk Digger Could Revolutionize Construction
Elon Musk, founder of Boring Co., stated on Twitter that he is about a month away from presenting the Line-Storm, the company’s new tunnel boring machine (TBM). While current technology allows about ten minutes per…
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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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Collateral Security: The Surety’s Power
The indemnity agreement is the foundation of the surety bond. It’s what separates surety from insurance: the agreement functions as a mechanism to have the principal repay the surety for any claims paid out to…
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