Performance and Payment Bonds: Why Contractors Need a Bank Line of Credit (LOC) When bidding on government or private projects, many contractors discover for the first time that they need a bid bond and ultimately a performance bond and a payment bond — two of the...
When planning to bid on a government or large private-sector contract, it is important to obtain a bid bond ahead of time to guarantee to the business entity that you can accept and enter into a contract. Neil Pedersen PEDERSEN & SONS SURETY BOND AGENCY, INC. 15...
A lien is a mechanism used by contractors and suppliers to force payment of outstanding monies due from the owner, tenant or landowner. A Mechanic’s Lien will assure that the owner completes all required payments to the contractors participating in the project. It is...
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