Though “hurry up and wait” has long been part of the mix in construction, the pandemic continues to put a whole new spin on what to work on, and when.
Ambiguity and Optimism Too
While managing to the difficulties of coronavirus cases rising across the country, the construction industry is also gearing up in anticipation of very busy times ahead. As Construction Dive observes:
The good news is, whatever happens this winter, onlookers expect construction to come roaring back, once a vaccine is in place. One reason why is that this downturn is different from the Great Recession, in that it hasn’t been caused by large sums of debt. That means when the pandemic is brought under control, both consumers and companies will have plans — and cash — they’ll want to put in motion.
Drawing on insights from spring 2020s sudden shut-downs, contractors are doing their best to both prepare for the possibility of halting operations and gear up for better days in the near future. Examples of these efforts include:
- Accelerating current work
- Document the exact current state of projects and materials
- Winterize sites/secure assets for colder months
- Keep communicating with workers and subcontractors
- Retain team members—and their project knowledge
Using Down Time Productively
In anticipation of boom times, contractors across the country are assessing their resources and capabilities. How prepared are you to compete for anticipated, big, new government contracts? When the crunch is on to submit your bid—and bid bond, how will you compete?
Take a few minutes now and get partnered with an expert. As a leading, national provider of surety bonds, Colonial Surety Company has unveiled a game-changing, full-service solution to arm contractors with fast, digital and direct access to the surety bonds needed to run their construction companies—and real time financial intel vital to grow their businesses.
With a Colonial Partnership Account® contractors:
- Gain control of their bidding and bonding, online and in real time.
- Utilize powers of attorney to seal and issue their own bid bonds—in minutes.
- Compete with fast, confidential bid bonds—no middleman.
- Order performance and payment bonds easily from a customized digital dashboard.
- Track bids and work on hand in real time with free management reports.
- Speak directly with Colonial’s lead underwriter as new opportunities emerge.
- Leverage data on a private Owner’s Dashboard to view surety lines, adjust work on hand, analyze bids—and grow.
Major Competition for Federal Contracts
Sooner or later, lawmakers will pass spending bills that crank up the action on the massive construction and infrastructure projects in need of attention across the country. When it’s time to bid, competition will be intense! Already, for example, ENR notes.
The Army Corps of Engineers, Naval Facilities Engineering Systems Command and General Services Administration—all of which issue direct construction contracts to private companies—are reporting that they are seeing more competition for their contracts than they had in recent previous years.
Step up your ability to compete with increased capacity to submit timely bid, performance and payment bonds. With a surety line of credit from Colonial Surety Company, you can stop wasting your time shuffling around to get bid bonds the old way. It is quick and easy to pre-qualify.
After entering just a few, bare essentials about the business in Colonial’s snappy online system, all companies that apply receive, for free, Dun & Bradstreet scores.
Contractors who pre-qualify for a surety line of credit, go on to upload a few more documents that help Colonial better understand their operation and underwrite the Partnership Account®. The entire process exemplifies Colonial’s commitment to busy contractors: simple, direct, and efficient, with value added services built right in.
Founded in 1930, Colonial Surety Company is a direct seller and writer of surety bonds and insurance products for a wide range of industries and professions. The Partnership Account® reflects Colonial’s priority: innovating to provide value-added services to busy contractors. Colonial is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, and licensed in all 50 states, the District of Columbia and most U.S. Territories.