Contractor Resources - Be Guaranteed to Succeed

SURETY RESOURCES FOR CONTRACTORS

Do's and Don’ts of Smart Contract Bidding for Construction Firms

NASBP Article - Do’s and Don’ts of Smart Contract Bidding for Construction Firms Here are the do's and don’ts of bidding smarter with bonding in mind from a contract surety underwriter. These may help contractors bid smarter and protect their profits.

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Contractor Bonding Education and Mentoring Program

Contractors benefit from the NASBP/SFAA Contractor Bonding Education and Mentoring Program This free program, developed by NASBP and The Surety & Fidelity Association of America (SFAA), helps new and small and emerging businesses, particularly minority-owned and under-represented businesses, learn how to qualify for construction surety bonds through an on-demand, interactive education component. The program also includes a mentoring component* for those contractors who have not yet established surety relationships.

*Although the education component of the program is open to all, the mentoring component is not available to those who have an existing relationship with a surety bond producer. The mentoring process is not intended for mentees to replace existing bonding relationships, and SFAA and NASBP do not want to cause any conflicts in those relationships.

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Answers to 51 Questions Small Contractors Ask About Bonding

This document provides answers to common questions small contractors ask about surety bonds in a Q&A format.

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How to Obtain Surety Bonds

This document describes the underwriting and prequalification process involved in obtaining surety credit, including a general idea of the documents and financials that sureties require contractors to provide.

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When Should a General Contractor Require Subcontract Bonds

This article offers information on subcontract bonds, including answers to questions about requiring a subcontract bond, prequalification, and what happens when a subcontractor defaults. This is a good resource for contractors who are making decisions about subcontract bonds.

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Subcontract Bonds: Four Times When General Contractors Need Subcontract Bonds

This Pipeline article describes four instances when a general contractor should require a subcontract bond on a project and provides fundamentals to help contractors make decisions about subcontract bonds.

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What You Need to Know to Understand the Surety Process

This is a great resource for contractors new to surety. This article offers an introduction to contract surety, describing the three-party obligation for a contract surety bond, types of contract surety bonds, and some suggestions for contractors for what may be needed during the review process.

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What You Need to Know About Joint Ventures in the Construction Industry

This set of three articles offer an in-depth look at Joint Ventures (JVs) and provides contractors (and bond producers and sureties providing bonds to a JV) factors to consider before taking the leap into the world of JVs.

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The Importance of the Principal's Character

This article briefly describes the role and evaluation of the principal’s/contractor’s character in the decision-making process determining the risk associated with issuing that contractor a bond.

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Building Character and Acquiring Knowledge Go Hand in Hand

This article briefly describes the principal’s/contractor’s three Cs: capital, capacity, and character that are at the heart of surety underwriting.

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Always Verify Your Bond!

This one-page tool, which can be offered to clients, sets forth a two-step process to help verify the authenticity of every contract surety bond before acceptance.

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AGC DOCUMENT: The Contract Surety Bond Claims Process

This guide describes the contract claims process, including what obligees should expect in a performance default situation and what a claimant should expect in a payment bond claims situation.

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Surety Bond Quarterly Magazine

NASBP Surety Bond Quarterly Magazine NASBP's quarterly, professional magazine, offers insights and information for surety professionals as well as others who need to stay up-to-date on the industry’s latest news and developments. Surety Bond Quarterly is distributed to the NASBP membership as well as project owners, public officials, subcontractors, contracting officers and others who are affected by developments in the surety industry. Sign up for your copy, delivered to you without cost.

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NASBP Podcast - "Let's Get Surety"

NASBP’s Let’s Get Surety: Let Me Hear Your Bonding Talk podcast offers engaging stories, insights, and expertise on the world of surety and related topics. Contractors will find the free episodes a useful and entertaining listen!

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NASBP SmartBrief: News for Surety and Related Professionals

A weekly snapshot of the surety industry with news from leading sources representing construction, insurance, and other industries. NASBP SmartBrief provides summaries of what matters to you, written by expert editors to save you time and keep you informed and prepared.

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NASBP's SuretyLearn

SuretyLearn offers high quality learning and professional development resources for surety and related professional, including Virtual Seminars and on-demand learning. SuretyLearn also features special resources for Contractors, (found under the 'Resources' menu item).

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Be Guaranteed to Succeed: Hensel Phelps Construction

This video shows a construction executive of the largest airport builder in the U.S. describing the important role played by subcontract bonds and his company’s approach to successful projects.

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Be Guaranteed to Succeed: Plante Moran

Shane Brown of Plante Moran explains how the inclusion of a CPA firm as part of the surety team makes for a powerful combination. Best-in-class contractors are good risk takers that don’t assume they have all the answers and will seek advice from their surety partners.

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Be Guaranteed to Succeed: Roebbelen Contracting

Ken Wenham of Roebbelen Contracting explains how his construction company and its employees benefit from and value advice and counsel of the company’s surety team regarding major decisions, such as ownership succession and more.

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Be Guaranteed to Succeed: Alex E. Paris Contracting

Alex Paris describes that, when his father died, his company’s long-time relationship with its surety team ensured the company was able to continue conducting business.

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Be Guaranteed to Succeed: DMZ Builders

Rich Zito, a construction executive with DMZ Builders, describes how much he values his relationship with his surety bond producer. He states that he relies on the producer to help build his company’s portfolio of work.

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Be Guaranteed to Succeed: Power Engineering Construction Company

This video highlights the significance of a long-term, team-like relationship between bond producers and contractors.

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Be Guaranteed to Succeed: Iron Woman Construction

This video showcases how the surety partnership helped Iron Woman grow and diversify into a new market. Shaun Egan explains that without surety bonds and an established relationship with his surety team, the company would not have succeeded.

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Be Guaranteed to Succeed: Concrete Works

Bill Brasher describes how how his company, which has been in business for 40 years, relies upon the trust it has among its surety team members. With many unknowns during a project, that trust helps enable Concrete Works to focus on delivering quality services and project results.

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SURETY AND CONSTRUCTION ATTORNEYS’ PERSPECTIVE: SURETY PREQUALIFICATION GOES BEYOND THREE C'S

This article highlights the importance of the surety prequalification process in assessing a contractor’s capabilities and includes an overview of the process.

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A SUCCESSFUL SUCCESSION PLAN STARTS WITH A STRONG SURETY PARTNERSHIP

This article discusses four areas contractors should focus on to keep a strong surety program during a leadership transition.

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10 TIPS TO IMPROVE CONSTRUCTION SITE PROJECT COMMUNICATIONS

This article includes an easily shared set of practices to ensure effective communication between all construction project stakeholders.

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