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Updated by Nielson Hoover & Company on Sep 26, 2018
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Nielson Hoover & Company

Nielson, Colley & Associates is located in Charlotte, North Carolina, which is one of the eight members of the surety alliance founded by Nielson, Hoover & Company. This office is located at 2115 Rexford Road, Suite 310,and managed by Art Colley. Colley who is Managing Partner & Surety Bond Specialist. Now, contact us for surety and contract bond services at the industry competitive price on national and international level. Call us: 704.362.3991

Top Factors That Surety Companies Consider Before Issuing Surety Bonds

Surety bonds have always had a major role to play in facilitating the outcome of several kinds of transactions. Right from real estate industry to government contracts, surety bonds have been an important binding document.

Surety Bonds and How They Can Benefit Everyone Involved

Surety bonds are probably one of the best documented tools you can ask for before entering any deal. These bonds are intended to safeguard the interests of different people, depending upon the purpose for which they have been issued. For instance, a real estate company may require a mortgage bond before assigning the work to a contractor.

Benefits of a Surety Bond

Before being hired for a project, contractors are usually required to secure a surety bond.There are many factors that affect whether or not a surety company will issue a bond to a contractor. Some of these factors include, but are not limited to, credit history, the amount of risk for the project, the contractor’s experience, and more.

Benefits Of Surety Bonds For The Construction Industry

The construction industry is one of the major pillars of the world economy. It is one of the eminent genres of employment that contributes to the GDP of the countries across the world. There is no doubt or second opinion to the fact that the construction projects include some very high amounts of financial investments.

All About Payment Bonds

Payment bonds are financial security and guarantees that are applicable in the construction industry only. This is a type of guarantee that is made by the contractors and the bidders so that all the due payments are made to its employees, the suppliers of the contractors and another creditor in lieu of the materials and the services that they render. These payment bonds are also known as contract bonds.

Surety Bonds for Deal Security – Must Have For Businessmen

In the realm of financial dealings, stability and a kind of surety are highly essential that will give a sense of security and safety to the parties who are involved in the dealing. This surety indicates at the fact that whatever could be condition and the challenges for the parties involved in the dealing or the business, the transaction will be carried on without any hiccup at the regular course of events.

How To Get Sound Surety Bonds For Commercial Construction

Commercial construction is a large scale and an expensive job. This is a task that requires a good amount of funding and backing by surety bonds. Contractor surety bonds are some of the common bonds that are required at the time of a commercial construction.

Importance of payment bonds in construction projects

Payment bonds hold a great importance when it comes to construction projects. It is so because a payment bond is set certainly to make sure that everyone is involved with the particular project gets paid the proper wages that they are promised to be paid.

Ways To Lower The Cost Of Your Surety Bonds

There are many ways by which you can lower your cost of surety bonds other than that of choosing the right surety Bond Company. There are many other ways in which you can do on your own in order to reduce your monetary burden for surety bonds.

Commercial Surety Bonds and Their Importance for All Parties

Commercial surety bonds have become quite a common norm nowadays. These bonds primarily secure any investment or funds of a government authority in a number of ways. In general terms, the bonds ensure that those who furnish the bonds execute the tasks assigned to them by the authorities as per the agreement.

Different Kinds of Commercial Surety Bonds and What They Cover

Surety bonds are primarily meant to serve the purpose of a secured deposit if the progress on a project goes south. Even government agencies on all levels require contractors to furnish these bonds before giving them the contract.

Commercial Surety Bonds

A commercial surety bond covers aspects that are not covered by the contract surety bonds. You can learn more about the sub-categories below:License and Permit Surety Bonds, Fidelity Surety Bonds, Fiduciary Surety Bonds, Public Official Surety Bonds & Court Bonds.

Construction Performance Bonds

Obtaining a performance bond is usually required for construction projects. Surety companies issue the bond to contractors (the principal) bidding ona project. Once they win the contract, the contractormustprovide the bond.

Payment Bonds

Payment Bonds are a type of surety bond that is commonplace in the construction industry. They ensure that a contractor will pay the subcontractors and material suppliers, as per the contract.

Contract Surety Bonds

A contract surety bond, also known as contractor surety bond, is a type of surety bond that ensures a contractor will follow the terms of the contract. The bond is taken out by the contractor and issued by a surety company. The bond guarantees that if the contractor fails to execute the terms of the contract, the owner will be compensated by the surety.

Contractor Surety Bonds

A surety bond is a three-way contract between the surety (the company providing the bond), the principal (the contractor) and the obligee (the project owner). The principal usually applies for the surety bond with the surety and it is to protect the obligee’s interest.

Payment Bonds – type of surety Bond

Payment bonds are a type of surety bond that is required by contractors to guarantee that all parties involved in the project including the subcontractors, material suppliers and workers will be paid, regardless of the project’s completion. The cost of these is based largely upon the contract value of the job, and they should be presented along with performance bonds. Therefore, all contractors who want to find work in their state will need to be eligible for these bonds

Apply for a Surety Bond Online

Surety bonds are usually required for contractors to work on projects. Without it, a contractor might not be able to work with project owners, workers, and material suppliers. These are the people who play a significant role in the successful completion of contracted job. Surety bonds protect project owners if the principal does not fulfill their obligations per the terms of their agreement.

Factors that Determinethe Cost of Surety Bonds

The infographic, “What contributes to the cost of commercial surety bonds,” describes the surety bond premium and the different factors that are considered. The cost of a surety bond varies from one surety company to the next.

Why Contractors Need Surety Bond Insurance Companies

Why Contractors Need Surety Companies” is an infographic explainingthe relationship between contractors and surety companies.Bonds, in business, are a guarantee for your customers that you will follow through with your obligations.

Common Questions about Surety Bonds

The infographic,“Common Questions About Surety Bonds in Florida,” clarifies information surrounding surety bonds. A surety bond is an agreement between three parties. It’s a promise that the guarantor will pay the obligee a certain amount if the principal fails to meet their obligation.

The Process of Construction Bond Claims

The Infographic“How can I file a claim for a Construction Bond?” explains how to file a claim for a construction bond in the U.S. It also mentions the steps involved in sending a construction bond notice as well as the factors on which the claim is investigated before approval.

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Factors that Determinethe Cost of Surety Bonds

Factors that Determinethe Cost of Surety Bonds

The infographic, “What contributes to the cost of commercial surety bonds,” describes the surety bond premium and the different factors that are considered. The cost of a surety bond varies from one surety company to the next.

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Why Contractors Need Surety Bond Insurance Companies

Why Contractors Need Surety Bond Insurance Companies

Why Contractors Need Surety Companies” is an infographic explainingthe relationship between contractors and surety companies.Bonds, in business, are a guarantee for your customers that you will follow through with your obligations.

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Common Questions about Surety Bonds

Common Questions about Surety Bonds

The infographic,“Common Questions About Surety Bonds in Florida,” clarifies information surrounding surety bonds. A surety bond is an agreement between three parties. It’s a promise that the guarantor will pay the obligee a certain amount if the principal fails to meet their obligation.

  • Nielson, Colley & Associates is located in Charlotte, North Carolina, which is one of the eight members of the surety alliance founded by Nielson, Hoover & Company. This office is located at 2115 Rexford Road, Suite 310,and managed by Art Colley. Colley who is Managing Partner & Surety Bond Specialist. Now, contact us for surety and contract bond services at the industry competitive price on national and international level. Call us: 704.362.3991

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