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What Contractors Need to Know About Surety Bonds

Construction Marketing

If you want to be a contractor, being licensed and bonded will have a major impact on your ability to work in the city and state where you live and work. Many state and local governments require that contractors who perform work above a threshold amount obtain licenses. What Are Surety Bonds? Bond Types.

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#116:  Termination as a Condition of Performance Bond Liability

NH Construction Law

This can put the obligee, whether an owner holding its general contractor’s performance bond or a general contractor holding its subcontractor’s performance bond, in a difficult spot. In Arch Insurance Co. Graphic Builders LLC , 36 F.4th 4th 12 (1st Cir. ” Id. ” Id. million,” id.

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What Is a Certificate of Insurance (COI) for Contractors — and When Do You Need One?

Levelset

To help your business remain viable, contractor’s insurance should be a crucial part of your financial strategy. Insurance also puts other parties’ minds at ease when they want to hire you as a specialty contractor. If you’re bidding on contract work, you will likely need a COI per terms of a legal agreement.

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Digital Builder Podcast Ep 22: How Specialty Contractors Can Navigate Contracts & Get Paid On Time

Autodesk Construction Cloud

In reality, it’s often a monster document packed full of legalese that can be difficult to understand. A contract should really be a tool to help everyone in the construction industry; it doesn’t have to be this monster document that you just hold your nose, sign, and hope for the best.”

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Does GC Insurance Cover Subcontractors?

Levelset

General contractors know these risks when they take the role. But what if the general contractor isn’t at fault, and a subcontractor is to blame? Does a general contractor’s insurance cover their subcontractors’ accidents or mistakes? The car owner can’t go after a different contractor’s insurer for the damage.

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Should Designers Be Liable to Contractors for Drawing Errors?

Construction Dive

By Bruce Jervis It has long been controversial: Should design professionals be directly liable to construction contractors for deficiencies in the drawings and specifications? On one hand, contractors necessarily rely on the design documents when bidding and performing the work. There are arguments on each side.

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JOC Tutorial #71 – Terms

Job Order Contracting

(c) “Job order” – a firm, fixed priced, lump-sum order issued by an organization to a job order contractor for a definite project scope of work as compiled from the unit price book to be performed pursuant to a job order contract. (d)