Archive for January, 2013

Performance Bond for New Orleans Jefferson Parish District Station

Written by JoAnn Smith on January 31st, 2013. Posted in Latest News, Lousiana, Performance Bonds

     performanc bonds complete district building
Jefferson County 3rd District Headquarters
When the Jefferson Parish Sherriff cut the ribbon on the new District Station, the innovative 5200 square foot building’s construction was accomplished because the city made sure that performance bonds were in place from the beginning. They have reason to feel good about this, since these surety bonds ensured the building was completed when the original contractors, Catco General Contractors, went bankrupt partway through the project. The performance bonds came through, giving the district a new state-of-the-art center that is as hurricane-proof as possible with on-site facilities to allow it to be a central command in the event of any local emergency. In addition to being the headquarters for the local patrol, the Acadian-styled building that more resembles a lakeside cottage than a police center will have a children’s playground, hiking trails and picnic areas on the 610 acre site.

Performance Bonds Come Through

Sheriff Normand admits that the whole project was pretty touch-and-go for a brief while when the main contractor became six months late on the project and then went out of business. The performance bonds taken out at the beginning of the project allowed the building to be completed through an almost cooperative venture with Parrish County officials. The neighborhood, called Parc Des Familles is a relatively recent development with plenty of young families who will welcome the sense of safety that the building brings to the community. In addition, the ever present threat of flood or hurricane makes the ability of the new building to withstand severe weather more important than ever. With its backup generator power and water filtration system the building will be the center for any community support during these types of events. The sheriff and local deputies are looking forward to moving from the old school house that has stood as a temporary station during the construction of this district center and into the new building. Commander Dyess and his 75 deputies will be moving into the new 3rd District Headquarters and “feel privileged to be able to work out of such a state-of-the-art facility”.

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California Owner-Builders Face New License Bond Requirements

Written by JoAnn Smith on January 29th, 2013. Posted in California, Latest News, License and Permit Bonds

     owner builder needs license bond
California owner builder needs license bond
In a new regulation just passed in the California Assembly homeowners who decide to do their own remodeling work may be facing some new requirements for the projects. Assembly Bill 2237 will require construction consultants for homeowners who plan to do their own project management to still be licensed and bonded through the state like any other contractor. It will require anyone who provides for bids or oversees them in any way, has any type of oversight or even simply arranges for subcontractor work will be considered a contractor and require both the license and the permit and license surety bond to work as such in the state of California. For more information on this bill and others that affect the contractor’s role in California, be sure to check out this latest news item from The Claims Journal.

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Bid Bond Secures Taxi Service for Long Island Airport

Written by JoAnn Smith on January 25th, 2013. Posted in Latest News

     taxi bid bonds
Taxi line at Long Island Airport
Recently Long Island’s MacArthur Airport decided they wanted to eliminate the multitude of taxi companies at the airport and award one company the exclusive rights. They called for bids on the service. At the time, there were over ten companies servicing airport clients, and the prices varied between companies. Of the ten, only four companies that were interested in bidding for the service, only two qualified for the bid bonds that were a required part of the bid for services. Of these two, only one could fulfill the extra requirement of having sufficient fleet to handle the airport service and the shuttle service between the airport, the town of Islip and the local train station. The airport decided to negotiate directly with JTE Enterprises. The results of those negotiations are the airport feeling satisfied that the reduced rates offered by the company will make the taxi service a good fit for the airport. The awarding of the contract for exclusive rights as the airport’s taxi service was announced that will fulfill New York State Law according to Janessa M. Trotto, Islip assistant town attorney.

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Minority Businesses Get Help with Surety Bonds

Written by JoAnn Smith on January 21st, 2013. Posted in Contract Bonds, Latest News, SFAA

     Minority Business Development Institute, surety bond, surety bonds
Minority Business Development Institute
A new campaign by the Minority Business Development Institute (MBDI) will be reaching out to minority owned businesses that are having problems qualifying for a surety bond. The organization has traditionally been a source of education and support for businesses that are socially and economically challenged to gain a stronger hand in the business sector. This new campaign will be aimed at helping newly emerging construction companies who may not have the financial background to qualify for a surety bond. They will be partnering with the Surety & Fidelity Association (SFAA) to implement a program of advisement for those companies that fit the profile and need help securing bonding. You can find out more details here including the types of programs to be initiated and when.

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Bill Aids Surety Bond Program for SBA

Written by JoAnn Smith on January 18th, 2013. Posted in Contract Bonds, Latest News

     Small business association surety bonds program
The Small Business Administration
When the Defense Authorization Act of 2013 was passed on January 2, not many noticed that one of the programs to benefit from it will be the Small Business Association’s Surety Bond Guarantee Program. But you can bet that small and newly created contractors will be paying attention to it soon.   That is because the bill increased the size of the projects that would be eligible for help in obtaining surety bonds through the SBA’s highly popular program. Previously projects that applied for the ability to get surety bonds through the SBA because they don’t qualify through traditional means were capped at $2 million.   But I guess $2 million doesn’t get you what it used to as it began to be obvious there was a need to move that cap for surety bond values up. The new cap will be $6.5 million and will continue to make bid, performance and payment bonds available to small businesses and contractors who cannot qualify for them through standard surety bond companies.

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