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How Work in Progress Reports Benefit Contractors, Accountants, and Everyone Else

Posted by Rich Sghiatti Cost overruns are a common occurrence in the construction industry. It’s far too easy at the mid-point of any project to misjudge billing against the actual status of the project. That’s where the Work in Progress (WIP) report comes in. The work in progress (WIP) report or WIP schedule is one of the most important reporting mechanisms in the ...

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Are You Ready for a Hard Market?

Planning When You Don’t Need It Will Save You When You Do By: Kirk Rathjen, Regional Vice President, Contract Underwriting, Merchants Bonding Company Construction and surety have grown strongly over the past ten years with plenty of capacity, keeping the market soft, but it is always cyclical, so it’s just a matter of time before we start leaning toward a ...

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My surety wants to use funds control to provide my bonds… why?

The added security on a construction project is a win-win for all parties involved, says expert Construction projects can be risk-filled propositions as contractors work to meet strict deadlines while trying to avoid poor workmanship and workplace injuries. However, a major risk facing these projects isn’t any of the above. According to National Escrow, a division of Allstar Financial Group; ...

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