Most Telling KPIs for Work in Progress
What does your Percentage of Completion data say about your company? Work in Progress (WIP) is what a construction company or contractor invests in delivering a completed project, including materials, labor and overhead throughout the process of construction and in all stages of a construction contract, right? Well, yes and no. Those are definitely components […]
Considerations that may determine premiums on your next construction bond
Construction bonds are an integral part of any project owner or contractor’s risk management program. For most projects, the cost of a surety bond is a standard line item in the construction cost estimate. Premiums for construction bonds are calculated as a percentage of the bond value, and usually quoted in dollars per thousand: Bond Amount […]
Paid If Paid Provisions – What Are They & What Should I Know?
Understanding the ‘Paid if Paid’ Provision in Construction Contracts If you are a Contractor & are in privity of Contract with the General Contractor, you are most likely signing a Contract that includes a Paid If Paid Provision. This provision states that – payment won’t be due from a general contractor until and unless it […]
What is a Surety Bond in Florida?
Establishing trust between multiple parties is an important goal for achieving success in any project or business dealing. Surety bonds in Florida, broadly speaking, are a solution to the age-old dilemma of not knowing whether or not the people you are interacting with are indeed trust-worthy professionals operating in good faith. Purchasing a surety bond […]