Sponsored Content by Old Republic SuretyPosted by Darrel Lamb, CPCU, AFSB A few years ago one of my contractor clients wanted to bid a $24mm project. The project was about three times bigger than anything they had built to date, but the project made a lot of sense to them and after hearing the plan, it made sense to me, ...

Sponsored Content by Old Republic SuretyPosted by Rich Sghiatti In November 2020, I had an opportunity to reflect on what 2021 might look like for the construction industry. You can read my prognostications in Construction Executive magazine and see whether my observations about supply and labor shortages, price increases and market demand have held up. It’s been a topsy-turvy period for contractors, ...

Sponsored Content from Old Republic Surety Posted by Alan Pavlic No one likes it when a job goes south. The owner loses money, subcontractors don’t get paid, and there can be costly litigation. In short, it’s in everyone’s best interest to prevent a performance default and get the job back on track. From a surety company’s perspective, mitigating a potential ...

Sponsored Conent from Old Republic Surety Posted by Wayne Messick, AFSB Are you ready to grow your business? Maybe you’d like to bid on larger projects. Or the owner of your current job likes your work and wants to hire you for something bigger. How do you get to the next level? It’s not as difficult as you may think ...

Sponsored Content from Old Republic Surety Surety bonds and letters of credit (LOCs) both provide risk management for construction or development projects. To know which is appropriate to use, it helps to understand their differences. A surety bond is a three-party agreement among: The principal, who is the primary party who’ll perform the work (i.e., the obligation).The obligee, who is the party ...

Sponsored Content from Old Republic Surety Posted by Scot Albrinck, AFSB Growing up in a family that owned an electrical contracting business, I was always surrounded by a strong work ethic and dedication to the business. While my role was focused on pulling wire, bolting on stadium light pegs in the middle of winter, and sweeping floors, the heartbeat of ...

Sponsored Content from Old Republic Surety Posted by Rich Sghiatti Underbilling occurs when work you’ve completed hasn’t been billed or costs you’ve incurred haven’t been reimbursed. Nearly every contractor has some underbilling from time to time. But underbilling can hurt your cash flow and eat into your profits. Worst case: You may actually lose money on a job if you ...

Sponsored Content from Old Republic Surety Posted by Scot Albrinck, AFSB As bond managers, we always look for ways to help our agents, contractors and project owners better understand surety. It can be a pretty arcane subject, and not everyone who has a hand in the process is familiar with bonding. But that doesn’t mean we still don’t get the ...

Sponsored Content by Old Republic Surety Posted by Wayne Messick, AFSB We often get questions about the indemnity part of surety, especially regarding spousal indemnity. Contractors often understand the need to obtain a surety bond if the owner of the project requires it, but an indemnity agreement can come as a surprise if they’ve never been bonded before. It helps ...

Sponsored Content from Old Republic Surety Posted by Erik Mueller “Can you send me a WIP that goes with this statement?” “Can you send me the fiscal year-end statement with WIP?” I’m sure you’ve heard those questions or some variation of them too many times to count. But have you ever wondered why we specifically ask for a Work in Progress schedule ...