Surety Blog

According a recent article on www.constructiondive.com, \”a new study has found that slow payments are costing general contractors and subcontractors $64 billion a year. This is a $24 billion increase from the 2018 study from construction finance platform Rabbet.\” \”More than 60% of subcontractors said they have chosen not to bid on certain projects if

The SBA is raising the minimum size for engineering, construction and other companies to be classified as \”small\”. By doing so, it\’s expected the number of firms eligible for SBA Loans and set-aside contracts will increase. The thresholds will rise by about 8% from the current levels. The new standards will take effect on August

It’s nothing new to hear that skilled construction tradespeople are in short supply. There is a major need for construction workers on all levels but not nearly enough skilled workers to fill that need. In 2017 there were 46,600 Florida Construction Firms hiring and there are 1.1 million construction workers needed to fill upcoming projects

Jimerson Birr Law Firm (www.jimersonfirm.com) had a great article on their blog regarding upcoming changes to Florida\’s Private Project Payment Bond Claim Requirements. According to the article \”All Florida construction industry participants need to be aware of the significant new changes to the payment bond claim requirements on private projects under section 713.23, Florida Statutes,

Bonding wouldn’t be valuable if everyone could do it. Becoming bondable and having a competitive bond program, could set you apart from your competition. More opportunities More and more jobs are requiring that you provide a bond. If you aren’t bondable, you may miss out on a great opportunity. In Florida, all public construction projects

Article courtesy of www.riskandinsurance.com \”To win bids on big projects, construction companies first need to win the trust and support of a surety carrier. A surety bond not only protects project owners and investors from financial loss, but provides reassurance that the work will be completed and meets the high standards for quality and timeliness.