Surety Bond Ensures No Added Construction Costs Despite Contractor Default
A Performance Bond has ensured that no additional construction costs will incur despite a delay caused by a defaulting contractor working on a Reynoldsburg, Ohio fire station. A new Truro Township fire station was set…
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Construction Labor Shortage Risks Performance
According to the Associated Builders and Contractors, there were nearly 7 million open construction jobs in the United States as of July 2018. The biggest reason for the shortage is a lack of skilled construction…
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Incorrect Project Estimates Cause Construction Cost Overrun
It’s extremely difficult for construction projects to come in under budget. Poor project management may be one reason for the error while unforeseeable circumstances may be another. But one of the most common causes of…
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Massive Surety Industry Growth Expected by 2025
With much global infrastructure needing to be replaced in first world countries such as the United States, the global surety market is expected to grow by 7% per year up to the year 2025. There are going…
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Benefits of the Partnership Account for Associations
Our Partnership Account has helped streamline the bonding and insurance process for industry associations and their members. The Partnership Account is a business arrangement between Colonial Surety and industry associations that can help generate revenue…
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Rebar Free Design Allows Contractor to Top Out Building in 10 Months
Using a composite steel frame that is rebar free, The Erection Co., finished topping out its 850 square foot Rainier Square Tower in Seattle, Washington in just ten months. The building is scheduled for completion…
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Project Design Problems Cause Cost Overrun
Design plans can cause a contractor’s project cost to go over budget all by themselves. Even if proper time and resources are spent on estimating the scope of the project as well as its cost…
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Technology Fills Construction Skills Gap
Contractors and construction companies have decried the lack of skilled workers available to them, even as the United States goes through a construction boom. If there are fewer skilled workers than ever before with more…
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60% of Construction Being Done in 10 States
The United States is going through a construction boom, with more investment on the way due to looming necessary infrastructure upgrades. But the construction boom wealth is not being shared equally throughout the whole country….
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