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What Contractors Need to Know About Surety Bonds

Construction Marketing

Surety bonds are financial guarantees that are issued to ensure the individual or company who obtains the bond will perform work in a legally compliant manner and will avoid fraud and misconduct. Surety – The bonding company that guarantees the principal’s ethical operations and legal compliance by issuing the bond.

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What Is an Insurance Endorsement? A Contractor’s Guide

Levelset

At the core, you have property coverage for your tools and equipment, along with a liability component that protects your financial assets in case there’s a work-related accident or injury that you may have some responsibility for. . It’s prudent to look back and realize that potential liability doesn’t end when the project is completed.

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Additional Insured Endorsements & How They Work in Construction

Levelset

In short, an additional insured is typically another business entity or person who can be added to your business policy, securing the same liability protection that you do. An additional insured agreement allows a policyholder to extend their business insurance coverage to a specific third party. What is an additional insured?

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

Autodesk Construction Cloud

The difference between secured and unsecured debts. Karalynn also brought up the tendency of the industry to pass liability down the chain when drawing up contracts. For this reason, construction professionals must find better ways to craft and negotiate agreements. We discuss: The current state of construction contracts.

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

Levelset

If you’re bidding on contract work, you will likely need a COI per terms of a legal agreement. Aside from owners and GCs, a government entity may want to see proof of liability insurance. This party may want a COI to ensure they are protected from liability in the event of a product-related injury or accident.

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4 No-Brainer Workflows with Autodesk Construction Cloud Connect 

Autodesk Construction Cloud

Egnyte is a hybrid (on-premises & cloud-based) content management solution that facilitates secure management and governance of critical content. Getting your legal ducks in a row is paramount in construction, which is why it is important to have robust contract management workflows. . 3: Contract Management. DocuSign .

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Obtaining the Proper Bonding for Government Jobs

Construction Business Owner

In a way, a surety bond is like insurance; it is a three-part agreement between the contractor, the organization requiring the bond (e.g. This agreement ensures that a contractor will perform all of the duties they agreed to in the bid they placed, abiding by the terms of that government-sanctioned project. General Management.

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