CONSTRUCTION CONTRACTORS: PREQUALIFY FOR SURETY BONDING TO WIN MORE BUSINESS

The construction industry has been on an upswing this year, creating new opportunities for contractors, their subs and trades to grow their business and participate in a wider range of projects. Even so, the stronger economy means there’s still robust competition for the most desirable jobs, regardless of whether they led by private sector owners or government entities. Today, many of the best construction opportunities require project participants to provide a surety bond. Whether the job requires you to obtain a bid or performance bond, or both, you stand a better chance of winning the bid if you prequalify for a bond. That’s because it can take a few days or longer to obtain a bond. And getting a head start in the process can mean the difference between winning a bid and being turned down. For example, it typically takes 1 to 2 days to obtain a bond for projects below $400,000. However, it can take several days longer to obtain bonding for projects of $400,000 to $10 million an
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