Surety Bond Education

When planning any business venture, it is important to think with the end in mind. Considering your exit strategy does not mean you are not committed to your business. It shows you care about the business and brand you have created living on into the future after you have decided to cease involvement or are unable to continue in day-to-day operations. Business Continuity Many construction companies are closely held family businesses, often with ownership residing with one or two founding members. In my experience, continuity discussions can be challenging primarily due to the daily demands of running of the company […]

In order to become a Notary Public in the state of Texas you must provide a $10,000.00 Notary Bond. What Is The Purpose Of A Notary Bond? A Texas Notary Bond protects the public from a notary public that does not up perform their duties honestly and appropriately.  An individual harmed by a notary may file a claim on the $10,000 Texas Notary Bond to be made whole.  A Texas Notary Bond is effective for 4 years and follows the term of your notary commission. How Do I Obtain A Notary Bond? There are 3 easy steps to obtaining a […]

If you are a developer or contractor doing work in the City of Austin, Texas you may need a “Fiscal Surety” bond.  This Fiscal Surety Bond could relate to a site plan or a subdivision.  Posting a Fiscal Surety Bond is one way to meet the requirements for Fiscal Surety with the City of Austin. What Is a Fiscal Surety Bond? A City of Austin Fiscal Surety Bond is a surety bond that guarantees that all construction and improvements made to City of Austin infrastructure will be completed.  In the surety industry, we refer to these types of bonds as […]

Many cities and counties require a permit bond related to a permit obtained when a vehicle will be used on their roadways that is over the weight limit.  This is referred to an Oversize Permit Bond or also a Superheavy Permit bond. What Is An Oversize Permit Bond? An oversize permit bond is a guarantee provided to the City or County. It is a guarantee for any damage to their infrastructure while operating your over weight equipment.  The amount of the bond varies; however, they are typically $10,000 to $50,000. How Do I Obtain This Permit Bond? The application process […]

Utilizing Subcontractor Bonds for Prequalification and Risk Management Whether you are a paper general contractor subcontracting nearly 100% of work or a prime engineering firm subcontracting work scope you do not self-perform, subcontractors are often extremely important contributors to a project. Because of this, it is critical to perform both prequalification and contractual risk management to avoid problems. Some solid risk management procedures include properly structured subcontracts which include flow-down of contractual responsibilities from the prime contract, indemnity provisions holding the G.C. and owner harmless, minimum insurance requirements for general liability, work comp, and auto as well as safety plans. […]

As you are applying for a Super Heavy Permit with the Texas Department of Motor Vehicles they may ask you to provide a $10,000 Surety Bond. The purpose of this surety bond is to guarantee that any damage you cause will be repaired. The damage could be to roads or bridges while you are moving your heavy load. The Super Heavy Permit Surety Bond must be obtained annually. The bonds must be renewed each year by August 31. How Do I Obtain A Super Heavy Permit Surety Bond? The $10,000 TXDMV Surety Bond is very quick and easy to obtain. […]