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Shorewest Surety Services, Inc.
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The Contractor's Bonding Company
The Contractor's Bonding Company

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Shorewest Surety Services, Inc.'s posts

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"(Ed) Ray says the city gets a lot of pushback over using performance bonds for projects like this, but he says this is the perfect example of why they exist." Exactly. Instead of being out millions, hiring consultants, attorneys and new contractors, the 1-2% the cities spent on the bonds guarantees the projects will be complete at the contract price.

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Here is a good article about ESOPs and how they affect a contractor's surety credit. Contractors should consult with their agent and underwriter before entering into an ESOP or they could become unbondable overnight.

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+MerchantsBonding put on another great Champions Event at Talking Stick Resort in Scottsdale, AZ for their top agents.Dan Gibson was able to enjoy some Top Golf with Merchants COO Bill Warner Jr. ‪#‎commonsenseunderwriting‬
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The architects were found liable for not obtaining a performance and payment bond from the contractor. The town will receive $100,000 from architects, but the city will still be out over $700,000 while cutting over $300,000 in costs. It was required by the Little Miller Act that a bond was necessary on this project.

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Lend Lease, the GC on the 360 Market Square project, removes subcontractor for failing to provide the contract required performance and payment bond.

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Contractors, there is no such thing as too much documentation.

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Wyoming is learning "Self Bonding" isn't as good as the paper it's written on.  Hopefully, Arch Coal makes it through the bankruptcy and the taxpayers don't need to foot the bill which could be in the millions for mine reclamation. 

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A contractor was put out of business because an owner claimed on his bonds. A jury just awarded the contractor $3.5 million in damages.

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Zurich, as surety, will take over $158 million project. Their contractor, Grupo Tradeco from Mexico City voluntarily defaulted on the project. Zurich expects to hire a contractor for the project so it can resume within the next two weeks.
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