Archive for April, 2014

Bill Helps Alabama Contractors on Public Projects

Written by JoAnn Smith on April 29th, 2014. Posted in Alabama, Commercial Bonds, Latest News, Performance Bonds, Surety Bond Blog

     Alabama contractors      
Alabama contractors get help with public project bids.
Alabama contractors who bid on public projects might be seeing some help from legislative changes in the near future. A bill has just passed that will help contractors in Alabama by ensuring prompt payment on public projects.
As anyone knows who is in the contracting business, getting prompt payment for work completed can either make or break a business. For Alabama contractors who are looking to expand their reach into lucrative public projects, this could be welcome news.


Alabama Contractors Need Prompt Payment

With changes from the passage of Alabama House Bill 24, many contractors can look forward to payment for public works projects to be timelier. While current law requires Alabama contractors to wait until as long as 45 days after the public owner of the project accepts estimates and terms for the first partial payment, the new law would restrict this wait time to 35 days from the signature of pay authorization. With the new law the owner can now also designate an authorizing agent for the payments. It will also change the time in which the final payment must be made from 45 days from completion of the project to 35 days from the completion of the project. Still in place is the requirement of a bid bond for all project bids and a performance bond posted with the winning bid before work begins.

Bid Bonds for Alabama Contractors

For all Alabama contractors who are considering taking part in the bid process for a public works project, getting your bid bond in place is simply one important step. Don’t be left out of these kinds of opportunities by not securing the right project bonds before you start the process. Let BuySurety help you find the right surety bond for your next project. We have been supplying bid bonds and performance bonds for Alabama contractors on public projects for over two decades. Let our informed friendly customer service reps help you find the right surety bond for your next project. Go to BuySurety and get bonded quickly and easily.

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Will New Brokers Bond Requirements Improve the Industry?

Written by JoAnn Smith on April 26th, 2014. Posted in Bond Types, Commercial Bonds, Freight Broker Bonds (ICC Bonds), Latest News, Surety Bond Blog

     brokers bonds, broker bond requirements      
Truck brokerage industry get new requirements
Truck brokers have seen it all, and some have even survived to tell the tale. With the industry renown for corruption and fraud, can the new brokers bond requirements separate the honest brokers from the bad seeds? These are the ones that have historically used the nature of the business to defraud the small trucking firms that are the backbone of the industry.
Some say yes, and are betting on it by staying in a business that is being hit by higher gas prices, increasingly poor roads and now a boost in broker bonds from $10,000 a year to $75,000. But many in the truck broker industry say it is about time.

Finding Honest 3PL Brokers

In an industry that is dominated by a handful of companies, the vast majority of the 500,000 truckers are small operations with between 5-6 trucks according to the Transportation Intermediaries Association (TIA). These companies often see themselves squeezed by truck brokers, companies that connect a business needing a truck to transport their goods with one of the thousands of trucking firms throughout the country. Because the truck broker gets paid immediately by the company looking to ship the goods, but only pays the trucker once the job is completed, he can in essence take from Peter to pay Paul. And that is where the problems begin.
It can be tempting to use the money already paid for yourself. Some brokers have been known to brush off requests for payment or demand a cut of the price in return for paying truckers what they are owed. This is where the brokers bonds come into play, as a guarantee of payment to truckers for work completed through the broker. But a $10,000 broker bond requirement doesn’t go very far if a broker has a bad spell or decides to stop paying. Two shipments of $7,000 each through a previously solid broker suddenly playing fast and loose with their money can leave the second trucker high and dry. For many of these smaller trucking firms, it can jeopardize their business or even their truck.

First Generation Americans Hit Hardest

Because so many of the trucking firms that have the least ability to negotiate with brokers are small companies, 97.2% have 20 vehicles or less according to TSA, this increase in the brokers bond requirements couldn’t have come at a better time. Money is tight, costs are up and with many of these smaller companies comprised of immigrants or first generation Americans looking for a finger hold into the American Dream, they either don’t know how to bring a broker who doesn’t pay to court, or are the “last in line” when a broker goes bankrupt. The increase means that more of the small truckers who have no leverage with a truck broker have more hope of collecting on deliveries completed but unpaid.

Broker Bonds Protect Honest Brokers Too

While some may think the increased broker bond requirements are a hardship for the truck brokerage industry, the major players so it makes everyone more honest. Unscrupulous brokers who can’t or don’t want to pay the increased cost for a broker bond may simply move on to another racket. This leaves the field open for those honest brokers who know that an increase in broker bond requirements is simply the cost of doing business.
Not sure where to go for your new broker bond requirements? BuySurety has been providing truck brokers with reasonably priced broker bonds quickly for over two decades. Find out just how fast and easy it is to make sure all your bond requirements, whether you need a broker bond for your truck brokerage company or a Carrier Bond as a trucker with your own truck. BuySurety can help every player in the trucking business to stay legal and keep on trucking.

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New York and Vermont Motor Fuel Distributor License Bonds

Written by JoAnn Smith on April 18th, 2014. Posted in Commercial Bonds, Latest News, Legislation, License and Permit Bonds, New York, Surety Bond Blog, Vermont

     distributor license bond requirements change      
Distributor license bond requirements change
For motor fuel distributors in New York and Vermont, changes are coming soon regarding the regulation of distributor license bonds. The two states are looking at changing legislation that regulates the fuel distribution industry by making changes or introducing the requirement for surety bonds when it comes to their distribution licenses. While the two states currently have very dissimilar approaches to the regulation of motor fuel distribution, this will change if these two bills should pass.

Changes for Vermont Fuel Distributors

If passed, Vermont Senate Bill 314 would make changes to the requirements for motor fuel distributor licenses. The current license requires the owner to post a license bond of $400,000 as part of their permit and licensing procedures. However, if this bill should pass it would change that requirement to the posting of a $1 million surety bond.

Distributor License Bonds for New York Fuel Distributors

Meanwhile, in the state of New York legislature is considering changing the requirements for anyone that distributes or engages in the business of importing motor fuels or liquefied petroleum gas, along with terminal operators. These types of businesses will, if New York Senate Bill 1719 is passed, now be required to post a surety bond. The amount of the surety bond to be posted will be determined at a later date.

Distributor License Bonds from BuySurety

While the laws may change from state to state regarding the licensing and regulations of such businesses as fuel distribution, one thing is certain. No matter what kind of surety bond your business finds itself suddenly being required to carry, BuySurety can help you stay legal and within budget. We have experienced surety bond agents who can find exactly the right fit for your business, at a price you can afford. Don’t take chances with something as important as your businesses requirements for bonding. Get bonded for distributor license bonds or any other type of surety bond with BuySurety and be sure.

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New York Employment Agency Bonds Up for Renewal May 1st

Written by JoAnn Smith on April 15th, 2014. Posted in Latest News, License and Permit Bonds, New York, Surety Bond Blog

     ny runway models employment agency bond      
Model employment agency bond requirements change
In New York State as well as New York City, if you run an employment agency, particularly if you run one for models, your employment agency bond needs to be renewed on May 1st 2014. The state of New York requires that all employment agencies have this particular type of bond in place and active.
The employment agency bonds have a common renewal date of May 1st on even numbered years, which makes 2014 one of the years for renewal. With the recent reminder sent out, it should give New York employment agencies enough time to shop around for a new employment agency bond this year.
Of course, an employment agency or modeling agency in New York can renew that surety bond earlier. But they have to have the bond renewed every other year, and the deadline for having the new bond in place is May 1st.

Theatrical, Modeling and Employment Agency Bonds

In fact, more than simply ordinary employment agencies are required to carry these employment agency bonds as part of their license for doing business in the state of New York. Any agency, including modeling agencies and theatrical agencies are all required to carry these surety bonds. New York City has long been a cultural hub on the Eastern Seaboard and has a long history of having numerous agencies for everything from runway models for the fashion industry to theatrical agencies for the hundreds of off-Broadway as well as Broadway shows. When you add these agencies to the hundreds of temporary employment agencies and executive placement employment agencies in the state, it is easy to see why they began to require that all agencies of this type carry employment agency bonds.

Find Your Employment Agency Bonds Fast at BuySurety

You can make sure your New York employment agency is properly bonded with BuySurety. The current requirement for an employment agency bond in New York is a $5,000 bond for a basic employment agency and a $10,000 employment bond if the company specializes as either a modeling agency or theatrical agency. BuySurety can provide both types of surety bonds quickly and at a great price. With over two decades of experience providing surety bonds, including employment agency bonds, you can be sure the BuySurety will have the bonds you need at a price you can budget for easily.

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New Massachusetts Surety Bond Requirements for Public Officials

Written by JoAnn Smith on April 11th, 2014. Posted in Bond Types, Contract Bonds, Latest News, Legislation, Massachusetts, Performance Bonds, Surety Bond Blog

     Massachusetts surety bonds
Massachusetts surety bonds protect water sources
In several new laws being passed in Massachusetts, surety bonds would be required from certain public officials to ensure their faithful performance of their duties. These types of guarantees, called public official surety bonds, are not uncommon when new organizations will need to have someone who handles public monies. Both of the laws being considered will form new legal entities and with these surety bonds the public officials that will be appointed treasurer will be bonded. Whether forming a new water district or a new regional government, among the requirements from the legislature for Massachusetts, surety bonds will play a role.

Massachusetts Gets a New Water District

With the passage of Massachusetts House Bill 3767, the state will be seeing the formation of a new water district. Named the Mashpee Water and Sewer District, the new entity will require a treasurer amongst the officials named in the bill. As of April 2014 the bill had gone through both the House and the Senate and looks likely to be passed with little fanfare. When this happens, and a treasurer has been appointed, that person will need to post a public official bond that will guarantee their performance of their duties to the voting public. The company that is posting the bill will need to be one that is licensed to offer surety bonds within the Commonwealth of Massachusetts.

Formation of Regional Governments

Although cities and towns would continue to be the primary political structure for municipalities in the state of Massachusetts, with the passage of Massachusetts House Bill 3822 the formation of regional governments would be a new option. This bill would allow cities and towns to enter into joint agreements for the purpose of creating an entity that would share power jointly as a regional government. Part of the new structure would include the creation of a regional treasurer, who would be required to post a public official surety bond. The bond would ensure the proper performance of their fiscal duties in this capacity. The bill has passed through the House as of April 2014 and is currently with the Senate Ways and Means Committee.

Finding Public Official Bonds Easily

As is evident from the two bills mentioned above, things can change rapidly when it comes to new laws and the attendant requirements of surety bonds. While changes are a sign of new life and new thinking in Massachusetts; these laws will mean a new way of acting for many. Among them is the need for public official surety bonds to ensure that the new legal entities act in the best interest of those who pay their paychecks with their taxes. Finding a solid surety bond company at a time such as this can be the last thing on many public officials mind. When it comes to supplying solid public official surety bonds, BuySurety has been the source for public officials across the nation for over two decades. Don’t take chances with your newly minted official requirements. Just as in Massachusetts, surety bonds are a part of public life and BuySurety can make sure your bond needs are met quickly and easily.

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