Page 16 - Texas811 Magazine 2018 Issue 4
P. 16
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tyou are gatng ta he biddlng on a contractar has ..-uceea.-hrlly completed it trequently; yuu mual have dane
"public lob" — where the owner is smaller handed prajecta, $500,000 projects of thls type and slzz
a city, cannty, alate, etc — yan know or lesa, the campany will luck rnore succesafully hetare — and prove it; you
they will he reqtnnng a bond In tavarahly on his $lmil application must have assELs' 7 preterahly llquld, in
the arnonnt at the jab. Thisprotzcts the Unlzas you have a viaiblz track record, Excess nf the hand amount. Because, IF
enttty tram having to re-hrd the jab In at wun'I happen. the bond is detaulted, yuu are golng to
case the winner figure. out he did the . . u ,, have to relmburse the hand company
math all wrang, and walks off the job "“‘}’f‘_“F%’ “T? “:2 ‘“"‘ ""dh"““f‘h tar the hall amnunl they have had to
about halfway through. Thalbond has ’ ""5" 3""‘“‘ “Way ,‘’Z “W e ,, expend un your behali—and yuu have
ta expand to whatever changes are put ;‘l“‘ f.}‘“_j;‘1“‘1:.‘§‘‘;1’ '5 b““‘“‘:fi"“' ta have ll to be ahle to repay it, right?
thraugh So, abond inr$1 milliun can b “C: STA“; :1 ' ' _ff°““ E‘ m‘ OR have someone no-aign wha can
Easlly be:umenbundioz$2 milllnn. "“ ‘ ‘ "“ ‘°“?" ‘*9’ V 2 help pay it. Bonds are the fully thtng
"’“Y' 1‘ “‘° ‘°“"““‘" "' °“““°""‘“‘ W‘ that makes ll posslble tor contractors ta
Ouch! wins the bld, that bid hand converts . .
to U“ mmad band M which A grow tnta the larger (more proatahle)
Yes, an renllybad when thnlmlllion Rmiumismendm; Ed "hmnm labs
dallarhond expands ta $2 mil, then ‘_’ _ ’ 5‘ ‘ . ._
. succzaaiul, nu harm, no fuul 7 there IS Inauznnce t. drtterent altogether. Yuu
°°’““‘h‘“5 5°“ h‘V""’° “"d “'2 no aha e fur the bid hand Acontraet don't re a the in.-urance cum 1n tta
conlracturcnnnotfmlsh aspzomised, '5 _ __ ’ . . . P V _ . ._P‘ Y
. . bond generally eoat. snrnethlng In the clan hnppzna. lt z bulldlng la a tulal
The bond company I» responsible to the h , . . _ _
. . . nelg harhaad atah at the lab pnce If lo... trorn fire, tornado, etc, repayrnent
“““'Y‘°""° “°’“"‘““"“ "me "’°'°“" ”alls ilemso tlrnnl" Ifacuntzaclozls is not re utreol Yuu wreck our car
V95’ The ""“d “’“‘P“"Y }‘“*"‘° “°"" newzwtthrng he one or two smaller} insurancqe a Qtortt ltourilatea-will
hi” ““"“‘°"°“"““°"° “°‘“|"*‘° handed aha 02,3100 won or so the h hl P Y} h l. d ’I
‘hi’P"’i“°‘“‘*”""“”““”I"}‘“‘“ bnndcollm an —lh the nrelwillin ta '§r',°.§r..y go“? H W“ on “Pay
“V ‘”’‘’“d’“ ""“Y ““ b°““ °‘““P““Y tame a bolfd at all — willihazge maxi y 8
—uLh2rwiseknDwn as the aural)/— Th . M 1 H I 1 Theonly things lnsunmce and ..-urety
tharoughly Examlnes all appllczmls for ‘Y ‘"5 “ ”° ”““"‘ “h” 5”, have in common is that they are
hand.-7 “"‘““'“““g“5“’“""“‘ °“"“"‘“ cunlractw the char ea rernnnn
” perhaps an lrrevoeahle Letter of Credit dd‘ *' _ V d ‘E Pm b d
Thiais why itis almmt lmpuasiblz fur —payableta thehandcornpanyincaae Z“ ‘Y ‘“‘P‘’“ ‘ “‘"‘° ‘"5 “
appen.-. That mlghl suund like the
a new eontractar to get handed tar a of detault . .
$1mfl.obfi hmulmhe am mm Sfll‘l’|2(l\ll1gb|XI,(!Llall'l1E,IKISHDL W
1 5 5 ' Your credit must he almost perteet
14 . Texzssll 201.s,lssueA and the build mmvany willcheck
