All About Bid Bonds

Business Bid Bond Contract

What are Bid Bonds?
As a way of showing proof that you are guaranteeing a project by stating that you are able to comply with the bid contract as well as being able to accomplish the job as it is laid out in the contract is what makes bid bonds so important. Basically a bid bond is a form of guarantee which is provided to the project owner on a person has been selected in the bidding process and states that the person is capable of taking on as well as implementing the project.

Generally, project owners are not able to tell if a contractor has the necessary resources and is financially stable enough to take on their project. That being said, with bid bonds in place from a source like fortpointtitleloans.com, a project owner will feel more comfortable awarding a project to a contractor knowing that if the project were to not be successful, they would be able to collect compensation directly from the surety bind.

What Would Happen if the Construction Bond Obligation Was Not Met?

If a bond obligation were for whatever reason not met, the principal which generally is in reference to the contractor, as well as the surety would be jointly and severally held liable for the bond. There would be penalties which would apply due to not complying with the obligations outlined in the bond.

If there are any additional costs which are incurred by the owner when selecting and awarding another contractor, the principal as well as the surety will be held liable on the bond. The difference here is usually in dollar amounts between the first and second low bid. Oftentimes the penalty sum of a bid bond is around ten to twenty percent of the amount of the bid.

How do Bid Bonds Work?

By requesting a bid bond, contractors are not able to submit bids which are frivolous, this is due to the fact that they would be under the obligation to perform said job, or they would at least have to cover the bond premiums. During the process of bidding, various contractors will provide an estimate as to what the costs of completing the job at hand would be.

Usually what this will mean is that the difference between the lowest bid and the next lowest bid will be covered by the company. There are times however that in order to recover the costs, he bonding company may choose to sue the contractor. The terms of the bid bond are what determine the possibility of a lawsuit.

How Much do Bid Bonds Cost?

Many contractors opt for having the cost of their bid bond included in their general conditions; however that will only occur once a person has been chosen to do the job. Generally, the price for bid bonds for a smaller project will be around $100 to $250, however for larger projects, usually there will be a calculation done in relation to the total cost of the project. It could turn out to be around 1% to 3% of the total project cost and will also be influenced by the financial history and credit history of the construction company in question.

What You Need To Know About Obtaining Permit Bonds

Permit Bond Rules

If you are opening up a new business, there is a chance that you will have to obtain a permit bond. If your business is in a specific type of industry, you won’t be able to get licensed until you have obtained a bond.

If you haven’t had to obtain a bond before, you might not know very much about the process. Here are a few of the things you should know about obtaining a bond:

It’s Smart To Apply Early

You shouldn’t wait until the last possible second to apply for your bond. The process can take some time, especially if you have never done this before. If you wait too long, you might not have your bond when you need it.

The smartest thing that you can do is apply for your bond right away. It’s better to get your bond ahead of time. That way, you’ll be able to get your license with time to spare.

You Can Get A Bond Even if Your Credit Is Poor

If you have bad credit, you might be worried that you won’t be able to obtain a bond. Thankfully, this isn’t something that you need to worry about. Bonds are available to everyone, even people with a rocky credit history.

With that said, people with bad credit aren’t going to have as many options as someone with stellar credit would. If you have credit issues, you will have to be up front about that. Find a bond issuer that is willing to work with you.

Get Your Bond From The Right Issuer

The bond issuer that you use is going to have a major impact on your overall experience. If the issuer you choose does sloppy work, or works slowly, then you might wind up having to deal with some headaches.

How can you find the best bond issuers that serve people in your area? One of the simplest things that you can do is read a few reviews like those found on erikenderson.com. If a lot of people have taken the time to review a bond issuer, and they have left positive comments, that is a very good sign.

Be Careful When You Fill Out Paperwork

Everyone makes mistakes from time to time, but you do not want to make a mistake when you fill out your bond paperwork. One minor mistake could turn into a massive issue.

Because of this, you should be very cautious when you are filling out the necessary paperwork. Check and double check the paperwork before you turn it in; make sure that all of the information listed there is correct. If you don’t make any mistakes, getting your bond shouldn’t be a hassle.

It is always a challenge to do something for the very first time. Thankfully, getting a permit bond isn’t all that difficult. With the right advice, you should be able to get your bond and avoid any problems. You’ll be able to get everything taken care of so that your business can get off to a solid start.

Understanding Fidelity Bonds

Fidelity Bonds
Fidelity Bonds

As a business owner, there are many decisions you have to make every single day, and each one of them will significantly impact your business’ success in both the short and long term. While hiring valuable employees is crucial, what do you do when one of your ideal candidate’s background is questionable, and the person is one you are looking to delegate critical fiduciary responsibilities to? One way to ensure that you have peace of mind once you have hired them is by purchasing fidelity bonds.

What Is A Fidelity Bond?

Fidelity bonds, also known as fidelity insurance or fidelity guaranty, are a type of insurance that is bought by an employer to protect himself/herself against losses (like theft or embezzlement by employees) that are generally not covered under normal burglary or theft policies. This bond can either be for specific employees on a more individual basis or for all employees of a company (this type of bind is known as a blanket bond).

Often, it is the insurer who sets the guidelines to be followed by the firm being insured and should be followed in the insured company’s hiring practices. Protection continues as long as the duties of those employees that are covered remain the same – unless it is arranged otherwise. Businesses like security firms, cash carriers, and brokerages are required by law to take up fidelity bond insurance.

The Difference Between Fidelity Bonds And Surety

When applying for these type of cover, you might notice that it is often grouped together with surety. While both of them work together to provide the insured some peace of mind, the two differ a bit in how they are used and how they work.

Fidelity bond covers are meant to protect employers and are usually two-party agreements. Surety bonds on the other hand are three-party agreements designed to provide some sort of intervention in the even a contract cannot be fulfilled. With surety bonds, the first party is usually the company offering surety and is the one that reimburses a project owner (who is the second party) if the contract’s obligations were not met by the third party (who is the contractor). It is important to note that independent contractors do not qualify for a fidelity bond but are generally eligible for surety bonds.

Applying For Fidelity Bond Policies

Business owners can apply for fidelity bond policies if they are planning to hire high risk or fiduciary employees. Some states require businesses to acquire Fidelity bonds because of the nature of their work. If the business you run is of a nature that will require you getting this type of insurance cover, consider checking your local laws to know what the requirements are. While employers are the ones who often purchase these policies, the interesting thing is that employees can purchase them too. However, self-employed persons do not qualify.

Cost

Fidelity bond insurance costs are mostly determined by the type and nature of business, the size of the business’ workforce, and the type of customers it serves. Other factors that will determine the cost of a fidelity bond policy include the cover’s deductibles and coverage amount.

If your business handles significant amounts of client money on a regular basis and you doubt the trustworthiness of some of your employees, purchasing fidelity bond insurance is one of the best options you have. For more information on fidelity bonds, consider contacting an independent insurance agent or company today.

Benefits Of Small Business Coaching

Small Business Coaching
Small Business Coaching

Running a small business is exciting, but also challenging at the same time. There are many owners who continue to face problems because they are unsure about what approach to take and that is what holds them back in the long-term. It is important to sit down and take a look at the key benefits of small business coaching in this day and age. It is these benefits that are going to empower owners and have them going down the right path towards success. It is possible with a little nudge in the right direction.

Helps Increase Revenue

The main benefit you are going to see with the help of a great coach would have to do with the increase in revenue. It is hard to deny, there is a lot of value when it comes to the amount of money that will come in when the right decisions are being made.

Coaches are able to prop up the business and push it down the right path as soon as possible. This immediately leads to more money rolling in and helping the business out big time as desired. The owner is then able to snowball this into further success.

Avoid Silly Mistakes

It is the silly mistakes which tend to hurt the most and people don’t realize this until the business begins to collapse and they get into panic mode. For those who don’t want to be put in such a peculiar situation, it is a must to sit down with a coach and look at what they have to say in this regard. What do they feel is the best way to go in terms of those silly mistakes?

They will help you out every step of the way and that is going to make it easier for you.

Provides Vision

There are some business owners who have all of the tools needed to see success and also have the willpower to work hard, yet still struggle. What is the reason for this one may wonder?

It comes down to not having a vision and businesses that don’t have vision will just amble through and not get anything of value done. You need to go with a coach that is going to help when it comes to penning down a vision and helping the owner stick to it. This is the only way to go.

These benefits are going to remain during the entire process and that is what most owners require when it comes to running their small business. There is no value in going alone when it comes to facing the hurdles that will arise. Why not have someone who is going to be right there to give you the kind of advice that will ensure things are on the up. Businesses that are run by owners with a serious lack of experience will face hurdles that easily could have been avoided and that is what you should be paying attention to as well.

Value Of Corporate Event Planner

image corporate eventGoing with a corporate event planner is essential in this day and age because all of the other options that are out there are just not worth it. Why go with someone who does not know what they are doing or worse doing it all on your own? Go with the best corporate event planners and let them take care of all the details that go into the process. You will be able to save a lot of money and time that would have otherwise been spent doing something that is just not going to get done properly. When you go with the best, the value is there for all to see. Here are a few benefits associated with going through a planner.
Experience
You are going to be working with an individual that has years of experience and knows what he/she is doing right off the bat. They are not going to waste time and they will be able to get the event going towards its planning stages right away and that saves a lot of time and effort on your part. They will already know what works and what should be avoided which again saves time.
Tips
You might never think of this when you are first hiring them, but they are going to be able to tap into the own experiences and help you out with regards to the corporate event that you have been planning. You will be able to gain knowledge from them that is going to stay with you for a long time to come and that is hard to beat.
You will be able to ensure that you are getting the event together in manner that is going to keep everyone happy for a long time to come and that is what matters the most to people.
Go with a planner that is going to know what the are doing because it is just not worth the hassle to go through other options and then hope for the best. This is an event that is going to be an extension of who you are and if you don’t nail it, you are going to get a lot of hate for it that could have been avoided with a bit of care as to who was helping you along the way. It is a planner that is going to ensure you are on the right path.

Accounts Receivable Financing: Why It Is A Profitable Financing Alternative

financing contractAccounts receivable financing, also known as factoring, can be simply defined as an asset financing arrangement in which the receivables are used as a collateral. This serves as method where a company can free up or ideally leverage the capital which is in otherwise stuck in useless paper or in the receivables.

By factoring or selling the receivables, the risk associated with it will also get transferred therefore reducing the company’s burden thus enabling it to focus on the profit making activities. Account receivable financing proves to be of great help as it can provide the additional funding a company might need.

Any kind of business requires consistent money flow to cover certain needs and whenever there is a seasonal demand or short term cash is needed, immediate flexible cash is called for various purpose like payroll payment and buying more inventory. This is exactly where factoring becomes of help. Factoring gives your business the ability to access quick money, sparing the need for selling equity in your firm. Research shows that compared to equity, lending is a lot less costly than selling a part of the company.

Accounts receivable financing can be a lot more beneficial to your business in other ways besides just cash. It can create more valuable time which lets you provide better customer service as well as generating new business. This kind of financing can really help reduce the payment turnaround time therefore making better money floe for your business.

However, the question is whether every business requires this accounts receivable financing is very debatable. The need of factoring may differ from business to business and it mainly depends on the size of the business and as well as its various requirements. For example, in most importing companies and logistics firms, the amount of receivable would be large enough but the factoring process might not work out. The reason is because their margins tend to be small in such industries. Ideally, if the gross margin of a firm is below 12%, it should analyze and recheck its factoring activities. Generally, a company needs to have at least or above 25% gross margins to be able to easily use account receivable financing as a financing tool. Every firm has its own capital needs and what it needs is a customized receivables financing option which can only be obtained after a through analysis of its needs.

Corporate Event Planning Done Properly

planning eventsIf you are the secretary of the large corporation and your boss asked you to plan and exciting event for some of the clients, what would you do? It is obvious that when it comes to a special event for a corporation it is necessary to bring in the professionals to plan it. As the secretary you will earn a lot of praise from your boss if you recommend a full service event management company that does corporate event planning.

A full service corporate event planning management company will have the ability to plan an event of any size. They will be experienced with events at any level and will have extensive knowledge on how to plan the event successfully. You will want to choose a company that is known for its commitment and customer service.

When you contact an experienced and knowledgeable event management company you’ll notice that they offer flexible service. They will be able to provide you with a complete list of services to coordinate your upcoming event. They will provide you with a complete package covering every detail both large and small.

For example, let’s say that you really want to impress your clients. An event planner may suggest that you add a bit a sizzle by operating a strong theme. It has been proven that corporate events that are themed are also remembered for a long time. This will build a strong connection between your company and its clients. Also, any guests that happen to attend will also remember your company in a positive way.

There is a lot of preparation when planning a themed corporate event. There may also be additional costs to this type of event but in the long run it will be well worth the extra dollars. You will benefit by having experienced corporate event planning companies take care of all of the individual elements that are involved in this type of complex event.

When it comes to an event that has a theme it is beneficial to use more popular and current themes. A theme may develop from a movie, a television show, a historical holiday, or a cultural theme. The event management planners will introduce you to some innovative ways and clever ideas on how to make this event successful and memorable.

Of course, if your company has an idea on a particular theme the planners will be able to provide you with everything you need. They will be able to bring your event to life by handling all of the special requirements that are necessary. One of the advantages that they can offer you is previous ideas from past successful events.

A reputable and well-known event management company will be able to put together a budget and schedule so that you know exactly what will transpire and how much it costs. As long as they have a good lead time to produce your event they will be able to provide you with everything that you need.

The only thing that you will need to do as a secretary is to give them a call. Corporate event planning companies can provide you with a variety of services. For example, they will be able to provide you with the site location. If there are any current vendors at that site, they will be able to negotiate with these vendors.

Some events require that a specific website is created. Once again, a event management company will be able to take on this responsibility and produce you an attractive website.

Your company may also require an event planner to take care of all of the mailing and printing that will be done for the event. some of this mailing and printing made include marketing materials to promote your event. Also, if there are any press releases required this can be done easily by an event planner. The bottom line is that an event planner will do the job professionally.

Custom Made Dress Shirts Can help Your Business Image

shirt and tieA perfectly fitted, elegantly styled and very carefully designed dress shirt highlights a man’s torso and is the centerpiece of his outfit. Each man really should have distinctive, custom-made dress shirts, since each man is different and distinctive. Clothes identifies the man, and custom created clothes defines a man as smart, stylish, masculine and very alluring.

The Devil is in the specifics, so they say, and the detail of one’s custom-made garnment, from the color and fit to the way it drapes under a coat, will get you noticed. As a result, the shirt you choose to wear to deal with the world with could be the most powerful, non-verbal contact you’ll be able to have, so make certain that your shirt is conveying what you want to say to folks around you.

The main reason you need to not choose an off-the-rack shirt is the insufficient personal fit. Department shop shirts can not provide the fit of a tailor-made shirt simply because they are sewn to suit a range of “average” sizes. Tailor made shirts are correctly sized and cut for your needs, not to the “average guy.” A great fit can only be achievable using custom made dress shirts, made to your individual size.

Comfort is the next motive you need to choose a custom-made dress shirt. Bigger guys may favor a looser fit whereas their leaner counterparts would prefer tight, close cut tailored shirts.

Usually a effectively fitting shirt ought to enable two fingers to be placed freely around the collar when buttoned, as well as the cuffs properly tight around the wrist that they’ve to be unbuttoned to slide over the hand. The sleeves should only cover over the cuff by one inch, and when the arms are elevated the sleeves are of sufficient length they’ll not pull much down the lower arm. Shoulder stitches should only extend to the end of the shoulder and never hang over it. There ought to be enough excess cloth in the torso location to pinch up 1 to 3 inches, based on how slack or how tightly the shirt is meant to fit.

The third, although definitely not the least, justification for buying custom-made dress shirts may be the amazing variety in shirts, which is limited solely by your creativity. Allow the colour, the fit, the design and unique style components, the trim and also the excellent particulars you choose inform the world that you are a man apart.