Category: Uncategorized

What Contractors Need to Know About Bonding for Charging Stations

For contractors, electric vehicle charging station work under the Bipartisan Infrastructure Law (BIL) is still very much alive going into 2026. But the program has been slower and more politically bumpy than originally advertised. Here’s what that means for workload and bonding. Where do the BIL’s EV charging station goals stand today? The big-picture goal hasn’t changed. BIL earmarked $7.5 billion for EV charging, split between: The NEVI Formula Program – about $5 billion (FY 2022–2026) to help states build a national fast-charging network along highway “alternative fuel corridors,” and Charging & Fueling Infrastructure (CFI) grants – $2.5 billion in discretionary grants for both corridors and community charging. Both programs support the original federal goal of a convenient, reliable network of 500,000 public chargers by 2030.   Nationwide, public charging ports have more than doubled since 2021, reaching over 200,000–220,000 ports by early 2025, thanks to a mix of private and public investment. However, BIL-specific buildout has lagged. According to the Government Accountability Office review, only 384 ports (at 68 stations in 16 states) had been built by April 2025 under the $7.5B federal charging station programs. Why are there slow rollouts? If you’re wondering what’s to blame for...

Read more

By Surety Bond Professionals

0

New Mexico Construction Bidding Process

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 New Mexico 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...

Read more

By Surety Bond Professionals

0

New Jersey Construction Bidding Process

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 New Jersey 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...

Read more

By Surety Bond Professionals

0

Lien Laws vs. Payment Bonds

In today’s market, getting paid in full and on time is the exception, not the rule, causing significant cash flow challenges for construction contractors. In fact, surveys show that fewer than 10–12% of contractors always get paid on time according to the terms in their contracts, while more than 80% regularly face slow payments. (The average payment time is 74 days.) That unfortunate reality is why two tools, payment bonds and mechanics liens, are critical for subcontractors, suppliers, and the general contractors who manage them.   Surety Bond Professionals is a family-owned and operated bonding agency with over 100 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 are payment bonds? A payment bond is a surety bond issued on behalf of the prime contractor to guarantee payment of subcontractors, laborers, and suppliers for their work and materials, even if the contractor runs out of cash or goes bankrupt. On publicly funded projects, federal Miller Act and state “Little Miller Act” laws generally require payment bonds above certain contract values because mechanics liens cannot be filed against public property. On private...

Read more

By Surety Bond Professionals

0

Surety Bond Best Practices for 2026 Government Contractors

If you want to land public-works jobs (federal, state, or local) in 2026, you’re going to have to get comfortable with surety bonds. Bid bonds, performance bonds, and payment bonds help ensure projects are built and people are paid. For contractors, bonding can feel like an obstacle to doing business, but handled correctly, it becomes a strategic advantage. When you build bonding capacity, you look stronger, win better contracts, and protect relationships with subcontractors and suppliers.   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 do bid bonds do for me? A bid bond guarantees that if you are the low, responsive, responsible bidder, you will honor your bid price, enter into the contract, and provide the required performance and payment bonds. If you walk away after award or can’t provide the final bonds, the owner can file a claim against the bid bond and recover the difference between your bid and the next lowest eligible bid, up to the bond’s penalty (often 5–10% of the bid)....

Read more

By Surety Bond Professionals

0

Inside the $1B Data Center Boom

Projections show tens of gigawatts and over $100 billion in construction by decade’s end, with global spending reaching trillions by 2030. For contractors, this sector is now a major market driving the next construction cycle. The boom is real, constraints are significant, and the firms adapting quickly will profit from this lasting shift. 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.  Why Are These Projects Breaking the Billion-Dollar Mark? Three converging forces are driving the escalation. AI training, large models, real-time inference, and GPU-heavy workloads demand enormous power and cooling. As reported by McKinsey & Company, forecasts suggest AI-ready capacity demand will grow at 30% or more annually, and data center power consumption will increase by 165% globally by 2030. That means larger campuses and far more complex MEP systems. Industries like online trading, gaming, streaming, autonomous vehicles, logistics, telemedicine, and AI-driven apps all depend on near-instant response. Such clients need facilities in the right locations, with the right power, fiber, layouts, and reliability, so their data gets...

Read more

By Surety Bond Professionals

0

Bonding for BEAD

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

By SEO Team

0

Infrastructure Investment and Jobs Act: Private Activity Bonds

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 bonding needs. What Is the Infrastructure Investment and Jobs Act? The $1.2 trillion Infrastructure Investment and Jobs Act, signed into Law in November 2021, authorized $550 billion in new spending over the next few years on a variety of infrastructure projects. Much of that spending will be at the state and local levels. In addition to authorizing an historic investment in infrastructure, the Infrastructure Investment and Jobs Act encourages public/private partnerships (P3s) to sponsor infrastructure projects and amends some rules regarding the use of private activity bonds to finance them. What Are Private Activity Bonds? Private activity bonds are debt instruments issued by state or municipal governments to help finance construction projects sponsored by public and/or private entities for the benefit of the public. These are financial instruments to attract private sector investment, not to be confused with surety bonds. Investors who buy private activity bonds are lending money to a state or municipal entity and earn interest on their investment,...

Read more

By SEO Team

0

A Guide to Construction Bonding Requirements with the New Infrastructure Investment Jobs Act

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 bonding needs. What Is the Infrastructure Investment and Jobs Act? The November 2021 passage of the Infrastructure Investment and Jobs Act authorized a total of $1.2 trillion in spending, including $550 billion in new spending on a variety of infrastructure projects intended to upgrade, expand, and/or replace the nation’s aging and overburdened infrastructure—roads and bridges, the electric grid, rail systems, transit, ports, airports, water systems, and so on. Broadband expansion and the creation of a network of electric vehicle chargers address two pressing 21st century infrastructure needs that didn’t even exist only a couple of decades ago. The Inflation Reduction Act signed into law in August 2022 added another $369 billion to the total funding for infrastructure-related projects. As a result of this unprecedented investment in infrastructure, the construction industry is likely to see a similarly unprecedented boom. Impact on Construction Bonding Requirements One rule included in the Infrastructure Investment and Jobs Act is intended to address a gray area in...

Read more

By SEO Team

0

Understanding the Importance of Year-End Statements for Contractors

In this article, we’ll explain how to understand the importance of year-end statements for contractors. Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. Our expert agents are ready to assist with all your contractor bond needs. What Are Year-End Financial Statements? Every business owner needs to prepare year-end statements for many purposes including tax purposes, bonding capacity, banking requirements, among other reasons.  Some businesses may be looking to attract potential investors, to secure financing for capital purchases, or may need to meet regulatory requirements to put together a CPA statement. A year-end financial statement typically consists of: A balance sheet providing a snapshot of the business’s assets, liabilities, and any stockholder’s equity at a particular point in time A profit & loss statement showing revenues and expenses for the year and the net income after subtracting expenses from revenues A cash flow statement measuring the cash generated by the business These statements can be generated at any point in time, showing a company’s financial performance during that period. Some companies generate monthly internal financial statements, some report performance on a quarterly basis, and nearly all generate financial statements after closing...

Read more

By SEO Team

0