Significant Updates Implemented in Davis-Bacon and Associated Federal Wage Laws
In a major regulatory update, the U.S. Department of Labor has revised the rules under the Davis-Bacon Act (DBA) for the first time in nearly four decades. These changes, impacting a suite of federal wage laws applicable to contractors on federal construction projects, aim to improve clarity, consistency, and enforcement effectiveness. The updated rules, which… Read more
Construction Bidding Season is Near; Are You Prepared?
We are fast approaching the construction bidding season. Contact Construction Bonding Specialists, LLC – we are ready to guide you through pre-qualifying for your bond applications for municipalities, schools, and public works that will soon be opening. Our specialty is helping you secure the construction bonds you need. We’ll decipher the paperwork and make recommendations… Read more
A 2024 Outlook on the Construction Industry: 7 Emerging & Continuing Trends
Heading into 2024, construction professionals encounter familiar hurdles: recession worries, ongoing inflation, higher interest rates, labor shortages, and supply chain issues. Despite these challenges, there are strategies to navigate them successfully and position your company favorably. Here are seven key trends and solutions to consider. Labor Shortages Remain The construction sector faces a growing skilled… Read more
Reviewing Contracts in the Construction Sector
As we conclude the year, it’s crucial for those in the construction industry to conduct a thorough review of their contracts, especially for long-term projects. It’s advisable to revisit your contracts to confirm they accurately represent the current state of the project. Any discrepancies should be addressed and documented immediately, rather than waiting for issues… Read more
Construction Industry Tops Ransomware Risk, Says Encryption Software Study
Nordlocker, an encryption software firm, conducted research in 2021 and found that the construction industry faced the highest risk of ransomware attacks among 35 analyzed industries. This risk has increased since then, with Nordlocker reporting in 2023 that the construction sector experienced the most ransomware attacks from January 2022 to January 2023. The construction industry’s… Read more
Understanding Mortgage Broker Bonds
For many aspiring mortgage brokers and seasoned industry professionals alike, the term “Mortgage Broker Bond” can seem like a puzzling requirement on the road to doing business legally. However, understanding what a Mortgage Broker Bond is and its significance is crucial in the world of mortgage lending. In this blog article, we’ll break down the… Read more
Small Bond Applications for Contractors
In the world of construction, bonding plays a crucial role. For many contractors, obtaining a bond isn’t just a mark of credibility, but also a legal necessity for many projects, especially government ones. For those who are unfamiliar or just starting, understanding the smaller nuances of bonds can be daunting. One of the initial steps… Read more
Construction Bonds for Contractors
Most construction projects require contractors to provide bonds, which protect the owner against non-payment, lack of performance, shuttered business, or warranty issues. Also known as contract bonds, construction bonds guarantee the bondholder will fulfill the contract terms. Contractors generally purchase construction bonds to protect project owners from monetary loss. If an issue arises, the owner… Read more
Electronic Surety Bonds
The establishment of electronic surety bonds is owed to the National Multistate Licensing System and Registry (NMLS), an organization that simplifies the process of obtaining and validating professional credentials, such as licenses, across different states. The creation and prevalence of electronic surety bonds are primarily due to NMLS’s advocacy for their adoption and their provision… Read more
Finding Contractors for Subcontracts
Relationships are vital in the commercial construction industry, specifically between general and trade contractors. While general contractors subcontract work to a variety of subcontractors, trade contractors focus mainly on projects given to them by general contractors, making this dynamic for both sides mutually advantageous. The partnership between subcontractors and general contractors can be complex. General… Read more