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 […]
When Sureties Lose – Who Wins?
The obligees who purchased the bonds win. The subcontractors and suppliers who relied upon that payment bond when they took the job win. When the surety pays claims, (and they paid out billions) they are paying out money that the obligee would otherwise have to pay. Even with the […]
The Federal Government Will Spend a lot More on Big Projects, and Less on Small Projects in 2013.
With the Federal Sequestration, and budget cutbacks, most departments of the Federal Government are reporting lower spending for construction this year, especially on smaller projects. Reports from our federal contractors around the state seem to confirm that. There are a few exceptions as NASA transforms itself to become a place welcoming […]
A Single Rare Spider Stops $15.1 Million Underpass Projects for Months in San Antonio, TX
According to court documents, the rare spider was a key factor in putting Ballenger Construction Co. out of business. Ballenger had been in business since 1937, but they were struggling after oil and fuel costs came in over budget which made jobs far more expensive than […]
The Nation’s Construction Industry Unemployment Rate Fell to its Lowest Level Since 2007!
The nation’s construction unemployment rate fell to 9.8% in June with the addition of 13,000 jobs according to the Department of Labor. The industry has added 100,000 jobs in the past year, which is a 3.4% increase. Across all industries, the nation added 195,000 jobs as the private sector added 202,000 jobs […]
An Owner is Not a Beneficiary to Subcontract Default Insurance!
A New York appellate court recently affirmed what we have long known; that an owner is not a beneficiary of subcontractor default insurance. In that case, the developer used a construction manager on a Manhattan hi-rise project. The construction manager had obtained Subguard coverage, but this didn’t protect the owner when […]
Avoid Surprises in Your Bond Costs
Bond premiums are normally very straight-forward, but there a couple of things you should look for to avoid surprises. If a job is going to run longer than 12 or 24 months, most sureties will charge an extra amount of 1% per month […]
It’s Possible That 70% of All Florida Contractors are Disadvantaged, and They Just Didn’t Know it.
According to the Florida Department of Transportation, your firm very likely qualifies as a disadvantaged business enterprise. You may be thinking that you are not a member of a minority, or you are not a female, but that doesn’t matter. The FDOT runs a race and gender neutral DBE Certification Program. […]
Construction Activity In Florida Rises 39.8% Year Over Year
According to Berkshire Hathaway’s Businesswire, construction in Florida’s metropolitan areas rose 39.8% in the second quarter of this years compared to the same time a year ago. Forbes Magazine listed three Florida Cities in the top twenty cities in the nation with the most new construction. This information was compiled by McGraw-Hill […]
Florida Surety Bonds Continues to Support Seminole Work Opportunity Program!
We just printed 11,000 newsletters. They were delivered to SWOP to be tabbed, addressed, sorted, and delivered to the Post Office. That is a lot of work done […]