Contract Surety

Construction Matters: Fast or Slow?


Even in routine times, the “stop-go” of construction projects is painful—especially for small business contractors. Just winning a bid is generally time-consuming—then, a host of other dynamics, from supply chain lags to delays in public contract procedures can impact on-time performance.

2020 has been anything but routine, and the fourth quarter is looking to throw some extra challenges into the mix for construction businesses. Time lost due to COVID-19 closures means many contractors are scurrying before colder weather and shorter days further add to the challenge of completing projects.

The FAST Act: More Important Now Than Ever?

With the federal fiscal year ending (September 30), the construction industry is keeping a close eye on whether or not the FAST Act will be renewed. Sarah Durdaller, of the Environment and Public Works Committee, offered this explanation of the importance of the FAST Act in Transport Topics:

The [Senate] bill will make long-term investments in our roads and bridges, cut red-tape, protect the environment, and help the economy recover. If a multiyear bill can’t be agreed to before September 30, 2020, then an extension should run for at least a year to avoid unnecessary disruptions in construction and planning.

The FAST Act, originally passed in 2015, stands for Fixing America’s Surface Transportation. Last week Engineering News-Record (ENR) reported that a broad coalition of industries and policymakers are taking a pragmatic approach, as they press for continuity for critically needed public infrastructure projects. Although a long-term, well-funded plan would be optimal, a one-year extension of the FAST Act will prevent disruptions in public construction projects.

Empowering Contractors: Issue Your Own Bid Bonds!

Colonial Surety Company understands the especially painful impact of “wait and see” on construction businesses—especially small ones. For over 20 years, we have been arming contractors to successfully compete for and complete construction projects. Our unique Partnership Account® gives you Colonial Surety’s power of attorney and corporate seal. That means your business can issue its own bid bonds instantly—and order performance and payment bonds too.

No more shuffling between insurance agents and brokers while trying to win project bids and grow your company! Apply for Colonial Surety Company’s Partnership Account online today. Time is of the essence when you are competing for projects.

Everything you need is right here: Apply to start obtaining your bid & performance bonds online

Colonial Surety Company already has over 20 years of experience providing businesses with instantly available, direct, online products. Licensed in all 50 states and U.S. territories, Colonial Surety Company is the easy choice to obtain your I-Bond® (instant, online surety bond).