I'm new to contracting and I'm having trouble getting bonded

[satcom]

I have 15 years of experience. I am just trying to start my contracting business.

Ok 15 years in the contracting business, there should be no problem with the experience then, it may be a problem with your company credit report.

 

[Rewire]

Check your credit score and ask for credit reports a denial of bond is usually a credit problem.

 

[nafis]

take a look at this

take a look at this

I am not sure if this is going to help you . but I will definitely talk to them

972-4594749
www.pclbonds.com

good luck

 

[ishium 80439]

Okay, I have an ignorant question in the true sense of the word. Can someone explain to me what "bonding" is (and to head off the questionable humor I am not refering to the electrical process)? I have certainly heard of a particular job being bonded which is basically a type of insurance that if you can't finish the job you will pay for it to be completed. But a standing bond is something that I have never run into. One thing this site has taught me is that different areas have their own rules but in the two states I have worked in (CT and CO) I have never been required to be bonded. I have had homeowners ask me if I was but I mostly chalked that up to them regurgitating a word that they had heard and thought was important.

 

[Buck Parrish]

Okay, I have certainly heard of a particular job being bonded which is basically a type of insurance that if you can't finish the job you they will pay for it to be completed.

Lots of larger jobs require bonds regardless of the state rules. Maybe a Million , to 100 Million.
I worked for a large commercial company when I first started.
One week when we got our checks instead of the regular company check.
The checks we're from a bonding company.

 

[ramsy]

The IBEW is protecting there members by making sure that you can make payroll and pay your portion of the benefits obligation.

And a good thing they do, working for someone that can't get a bond usually means they don't have the experience, or a good credit rating.

If bonding companies are used to enriching themselves with higher premiums from organized contractors, they may simply expect more of a rally from the deep pockets.

If rival contractors were bidding on the same project, and you were the only horse, there may be a bond rally; regardless of credit, experience, or payroll history.

While looking up CA permit laws recently, several recent cases supporting the State code amendments revolved around this company called "Handymann Connection".

This shop gets unlicensed members bonded with apprentice experience, even after most of the 2004 legal challenges / harassment, its now precedent in the State's employee law. These Apprentice/handymen/JW members aren't licensed, but still get bonded, perhaps operate independently to comply with some laws, while benefiting under a corporation for other (employee) laws.

 

[Rewire]

Okay, I have an ignorant question in the true sense of the word. Can someone explain to me what "bonding" is (and to head off the questionable humor I am not refering to the electrical process)? I have certainly heard of a particular job being bonded which is basically a type of insurance that if you can't finish the job you will pay for it to be completed. But a standing bond is something that I have never run into. One thing this site has taught me is that different areas have their own rules but in the two states I have worked in (CT and CO) I have never been required to be bonded. I have had homeowners ask me if I was but I mostly chalked that up to them regurgitating a word that they had heard and thought was important.

In our city I have a permit bond,if I am caught not pulling a permit and get fined they can request payment from my bonding company up to the amount of the bond the bonding company then pulls my bond and I no longer can pull permits.

 

[iwire]

So the punishment for not pulling permits is not being allowed to pull permits? Seems counterproductive. :grin: