Surety Bond Professionals is a family-owned and operated bonding agency with over 75 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs.
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Surety Bond Professionals is a family-owned and operated bonding agency with over 75 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs.
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Surety Bond Professionals is a family-owned and operated bonding agency with over 75 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. What is the Bid Process in Construction? The construction bidding process involves five steps: bid solicitation, bid submission, bid selection, contract formation, and project delivery. For a contractor in Colorado to achieve success in the construction bidding process, you need to plan and improve in each of these areas. If you’re a new contractor or are looking to secure more bids more often, follow our guide below. What Should a Construction Bid Include? Successful construction bids generally contain the total cost of building the structure, including expenses for subcontractors, general contractors’ costs, overhead profit, and scope of work. A bid will also need to contain information such as company details, the date, a clear definition of the work, and a project name. Without all of these elements combined, you may not meet the necessary standards. How Do You Estimate a Construction Bid? An accurate estimate is not only vital for winning a bid but it can also determine which Colorado...
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Surety Bond Professionals is a family-owned and operated bonding agency with over 75 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs.
Read more
Surety Bond Professionals is a family-owned and operated bonding agency with over 75 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs.
Read more
Surety Bond Professionals is a family-owned and operated bonding agency with over 75 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs.
Read more
Surety bonds are widely used in industries such as construction, government contracting, energy and utilities, real estate, and finance to provide project owners, clients, and regulatory bodies assurance against loss. Because surety bonds and insurance have some features in common, it’s not unusual for people purchasing a surety bond for the first time to assume they can pay for it in monthly premium payments, like they pay for their insurance policies. But that’s not generally the case.
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Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. What Is Profit Fade? No contractor wants to discover that they aren’t going to make as much profit on a project as initially estimated. Unfortunately, it’s not uncommon to find that the profit margin for a given construction project shrinks or even disappears by the time work is completed. It’s even more unfortunate that sometimes, that “profit fade” doesn’t become apparent until it’s too late to do much about it. Project owners and surety bond providers typically require periodic financial reports showing the percentage of project completion and the profit recognized as of each reporting date. In a perfect world, those percentages match—when 50% of a project has been completed, 50% of the total estimated profit has been recognized, and so on. At the end of the project, when 100% of the work has been completed, and 100% of the estimated profit has been recognized. It’s when 100% of the profit has been recognized before 100% of the work...
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Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. What Is Big Data? Oracle defines “big data” as larger, more complex data sets that are so voluminous that traditional data processing software can’t manage them. Big data provides the basis for addressing business problems previously too difficult to tackle. The “three V’s” help explain the challenges inherent in working with big data. Volume refers to the enormous amount of data—for example, in databases containing BIM and 3-D modeling files and from continuous collection of data from sensor-equipped equipment and PPE. Some organizations are dealing with terabytes of data, while for others, it may be hundreds of petabytes. Velocity describes the speed at which data are created and collected and perhaps acted upon, potentially in real-time. Variety is all about the different kinds of data points involved—traditionally structured data in a relational database and, increasingly, new unstructured and semi-structured data that require additional processing to derive meaningful insights. Since these three V’s were delineated, three more V’s have emerged:...
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Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. What Is Fintech? Fintech (short for financial technology) is defined as technology that seeks to improve and automate the delivery and use of financial services. It has expanded from its origins in automating the “back office” operations of banks and other large financial institutions. It is now used by companies in many sectors to manage their financial operations and processes. In recent years Fintech has been gaining traction in the construction sector. Key Financial Services for Construction There are three key financial services in construction in which value is estimated and exchanged—payments, lending, and insurance. All three involve significant pain points for construction contractors and other stakeholders. Contractors, suppliers, workers, project owners, investors, and lenders all want the same outcome: on-time completion. But at the same time, certain conflicts of interest that are baked into the process can prevent them from achieving that shared goal. Conflicts of Interest For example, contractors want to be paid based on tasks completed...
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