Because of the aging infrastructure in the United States, we are seeing the growth of public-private partnerships (P3s) as a use of alternative contractual arrangements. This presents opportunities for subcontractors, but also added risks.
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It’s important to understand what payment bonds and performance bonds are, how they work together and how they are different from one another.
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Surety bonds are not insurance. There a few key differences between surety bonds and insurance that we’d like to point out.
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Under New York’s Construction Fair Play Act, general contractors are required to provide workers compensation insurance and to pay the prevailing wage rate for any persons that they employ.
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Local and state governments can face serious losses on projects if they do not establish surety protection. Take the City of Harrisburg, PA as a strong example.
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Due to the complexity and ever-changing legislation in the solar industry, it can be challenging for solar contractors to know what types of surety bonds are required before starting on a new project.
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There are several different types of surety bonds that companies should know about.
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Rose & Kiernan, Inc. was recently recognized by Merchants Bonding Company as the Surety Elite, considered by Merchants’ to be “among the most influential and trusted professionals in the industry.”
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For most private businesses and municipal governments, surety bonds are the preferred approach for guaranteeing the performance of obligations between entities. Put simply, surety bonds exist to ensure contract completion in the event of default from one party.
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