Surety Bond Education

Surety Bond Education

Code Compliance Bond

Code Compliance Bond

A Code Compliance Bond is a type of license and permit bond that a business or individual must obtain that relates to a professional license. The bond will guarantee that the individual or business will comply with the terms of their professional license. Some examples of these types of bonds include a Right Of Way bond for a contractor or a Contractor’s License bond.   How Do You Obtain a Code Compliance Bond? Obtaining this type of bond if typically pretty easy. It will require you to complete an application and pay the premium for the bond. Some entities will […]
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City of Austin Right of Way Bond

City of Austin Right of Way Bond

The City of Austin, Texas requires a $10,000 Right Of Way Bond in several different circumstances. This bond is associated with a Right Of Way Permit. Some of the instances when you need a Right of Way bond are when you need a Right of Way permit for the following: Temporary Use of Right of Way Driveway/Sidewalk Excavation We are a surety bond agency located in the Austin, Texas area. We can help you secure your City of Austin Right Of Way Bond. The process is simple and we can get you your bond as quickly as the next business […]
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City of Dallas Paving Bond

City of Dallas Paving Bond

What is a City of Dallas Paving Bond? This bond is required of any contractor performing paving work in the city limits, including driveway approaches, sidewalk, and curb & gutter. What protections does the City of Dallas Paving Bond offer? It offers financial security, protecting the City should a contractor not follow required specifications and ordnances and construct in a workmanlike manner, free from defects. It protects the City and holds it harmless against any persons or property that may have been injured in prosecuting the work. It supports maintenance of related construction for a period of five (5) years. […]
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What Happens If I Post Cash As Bid Security?

What Happens If I Post Cash As Bid Security?

We’d like to take the opportunity to discuss the risks with posting cash as bid security in lieu of a bid bond. We want you to understand that you may be jeopardizing that cash.  If you are unable to meet the requirements to enter into the contract you may lose your cash. One of the contract requirements is likely posting payment and performance bonds. What Is a Bid Bond? The first step to understanding why cash may not be the best idea to post as bid security is to first understand what is a bid bond. A bid bond in […]
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Public Official Bond

Public Official Bond

It’s almost election time again!  And many newly elected officials will either need to renew their public official bond or obtain new public official bond.  There are a number of different positions in local and state government that will require you to post a bond once you are elected.  The purpose of the public official bond is to provide a guarantee that you will faithfully perform all of your duties as an elected official.  The bond is typically very easy to obtain especially is the amount of the bond is $50,000 or less.  Public official bonds of $50,000 or less […]
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September 2020 Austin Construction News Article

I had the opportunity to contribute an article to the September 2020 edition of the Austin Construction News publication.  You can find the article here. Common Risk Factors in Surety Underwriting Eric Schmalz, Principal, Schmalz & Associates Surety Bonding When I began my surety underwriting career in 2002 as a trainee, one of the foundational books I was given to read was “Construction Contractors’ Survival Guide” by Dr. Thomas C. Schleifer. The book was written for construction contractors to learn from, but the parallels to surety underwriting make it a tremendous asset in learning about elements of contractor failure that […]
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