Kitchen-Table Bookkeeping Is Keeping You Small

Contractors hoping to get approved for larger projects will need their financials audited. Doing this work at the kitchen table just won’t cut.

As any building contractor will attest, the past few years have been very, very, very good for most anyone capable of swinging a hammer. A construction boom in the Denver metro area, underway for several years, has shown no sign of letting up, with as much as $4 billion in big projects either breaking ground… Read more »

Liquidated Damages: Keeping Things Fair in Construction Contracts

liquidated damages

The construction industry’s labor woes have left general contractors and their subcontractors scrambling to find workers and, when things get bad, on the hook for damages related to project delays. Few time-crunched GCs or subs are able to take a fine-tooth comb to the tangle of legalese typically seen in their contracts, but if there’s… Read more »

6 Ways to Increase Your Contract Bond Capacity

What can a contractor do to not only ensure they get the bonding they need, but to increase their contract bond capacity at a time when demand for their work is so high?

Trust. In business, as in life, you’re sunk without it. That’s just as true in the surety world as it might be elsewhere. Any general contractor or subcontractor hoping to grow their business and land larger projects won’t get far without the trust of a bond underwriter. How do you go about establishing that trust?… Read more »

Hurricanes: Another Reason to Bond Your Subs  

hurricanes subcontractors bonds

It would take fewer than 30 dominoes to wipe out the Empire State Building. Unbelievable, right? Perhaps, but a University of Toronto physics professor theorized as much in a demonstration showing that dominoes can actually knock down things about one-and-a-half times their size. Thus, starting from a domino five millimeters tall, it would take just… Read more »

Serious Business: How to Limit Consequential Damages  

consequential damages

The Sands Casino was demolished nearly 10 years ago, but it may be decades, if ever, before the notoriety surrounding the old Atlantic City, N.J., hotel fades. That infamy, as any construction lawyer worth their salt will tell you, was established when arbitrators awarded $14.5 million in mostly “consequential damages” against the hotel’s prime contractor,… Read more »

9 Warning Signs that Sureties Watch For  

surety warning signs

Warning signs. They’re sometimes right under our noses and yet we fail to notice them or, worse yet, we ignore them. If you’re in the surety business, it’s the job of the underwriters on your team to try to spot these signs before anyone gets hurt. They’re the detectives who do the due diligence. That… Read more »

Hiring a Subcontractor? Let a Surety Take on the Risk

subcontractor surety risk

Few states have experienced the construction-industry labor shortage more than Colorado. For general contractors, the problem has made finding a reliable subcontractor more difficult than usual – much more difficult. Nearly 10 years after the housing bust drove an estimated 30% of construction workers into new fields, contractors everywhere are struggling to find workers. According… Read more »