Author Archives: Rick Goldstein

2019 Accounting Tax and Technology Check Up

PanchenkoVladimir/Shutterstock.com What faces our industry is a period of great opportunity balanced with some real concerns. In the recent Associated General Contractors of America labor results, each state varies with construction labor growth, but, overall, most are troubled by the decline in available, qualified labor in the construction industry. Most construction organizations can attest to that. The work programs have ...

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Security Bonds: What Bond Producers and Their Construction Clients Need to Know

Ktasimar/Shutterstock.com By Toby Miclette I heard a story recently about a public owner in the state of Texas using a security bond in an attempt to force a general contractor (GC) into executing a guaranteed maximum price (GMP) contract amendment at a price no greater than the Initial GMP (IGMP), even though there had been scope changes subsequent to establishing ...

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Indemnitors’ Obligations: If the Surety Suffers a Loss, You’re On the Hook

By Martha Perkins Surety bonds guarantee capital, of course; but they also bring with them the expertise of the surety and reputational benefits to the contractors and construction projects that use them. But contractors who benefit from surety bonds should keep in mind they are subject to indemnity agreements that will bite if they fail to fulfill their end of the ...

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The Seven Deadly Sins of the Principal

How to take seriously the role of character in assessing the risk assocated with issuing a bond on behalf of a contractor.  For more, go to the summer issue of Surety Bond Quarterly

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Be Guaranteed to Succeed

WHAT IS YOUR answer when an owner, contractor, or lender asks why surety is important? Instead of launching into a detailed technical explanation involving contracts, risks, and performance, try this response: “Surety ensures project—and personal—success.” For more, go to the fall issue of Surety Bond Quarterly.

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Building Your Personal Brand Can Give You Powerful Results

PEOPLE DO BUSINESS with people and brands that they know, like, and trust. This simple, age-old sales principle still drives our decisions—from the car we drive to the laundry detergent we use to the bank we use to the surety company we do business with. For more, go to the fall issue of Surety.

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Mechanics’ Lien Discharge Bonds—The Substitutes of the Surety World

AS KIDS IN school, just about everyone loved substitute teacher days. They typically meant a departure from the daily routine and a reprieve from the normal class rules. Substitutes meant a little extra time in PE or watching videos. Sometimes, they meant relief in the form of extra time to study for an exam, or to complete an otherwise late assignment. ...

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