by coats | May 24, 2016 | General
Subdivision bonds come in all shapes and sizes from guaranteeing the construction of streets, sewers and sidewalks, to guaranteeing that engineers’ and surveyors’ monuments are accurately and timely placed. A City or Municipality (Obligee) may require a Principal to...
by coats | May 24, 2016 | General
As you may have heard, the State of California recently passed Senate Bill 467 which increases the bond penalty for Contractor’s License Bonds. Effective January 1, 2016, the bond penalty will increase from $12,500 to $15,000. Per an agreement with the...
by coats | Mar 21, 2016 | General
If you are notified of a potential claim on one of your bonds, the first thing to do is relax. Many claims amount to nothing, and do not necessarily negatively impact your reputation as a contractor, or your relationship with your surety company. Your first step...
by coats | Mar 21, 2016 | General
It is difficult to ascertain what the final contract price will be on a construction contract. As such, it is equally difficult to ascertain what the final premium due to the surety will be, because the one is tied to the other. The premium on surety bonds is the...
