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  #1  
Old 11-07-2001, 08:47 PM
Lech615 Lech615 is offline
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Join Date: Oct 2001
Location: Long Island, NY
Posts: 105
Getting Bonded

I was wondering if you need to be bonded in order to on some commerial accounts. If you do, does anyoine no the procedure to become bonded, how much, etc.? Thanks.
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  #2  
Old 11-07-2001, 09:25 PM
John Allin John Allin is offline
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Join Date: Sep 2000
Location: Erie, PA
Posts: 1,489
Some commercial customers require bonding.
Ever apply for a commercial loan ??

Getting a loan is like having a cavity filled.
Getting bonded is like having a root canal, only with a root canal you get anestetic first.

Your insurance agent should be able to help you. Bonding is an insurance policy. The bonding company writes a policy that states that if you don't, won't or can't finish a job, they pay off to get it completed.

The bonding company will then come after you (and everything you have) to recoup the dough.

Bonding companies DON'T loose.

It's difficult to get, especially the first time through the wringer. They will investigate your finances in ways you can't imagine. They ask questions about EVERYTHING. They check references, they want to know every job you've done for the past 3 years, how it turned out, what your cost was, how much profit you made. Then they want to know every job in progress, what your cost is, what your profit is, what it is to date, when you expect to finish the job, how much profit you expect to make....... and on, and on, and on.

You can do it... but it is a long involved process.

Good luck. Once you get it.... it's nice to have and opens some doors.
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  #3  
Old 11-07-2001, 10:07 PM
Kevin M. Kevin M. is offline
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Join Date: Aug 2001
Location: Hilton Head, SC
Posts: 137
Bonding is not difficult to achieve for your company. The previous post said it takes a long time which is not correct it took my company about 5 days to get the bonding for a goverment job at a nuclear power plant which we have done work for 8 times in the past two years. Bonding is not like pulling teeth its like getting insurance for your company which some jobs its real good to have.
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  #4  
Old 11-07-2001, 10:36 PM
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Stonehenge Stonehenge is offline
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Join Date: Feb 2000
Location: Midwest
Posts: 1,277
Kevin, what size projects are you working on? I wonder if the difference is in getting bonded for $10K vs getting bonded for $10M.
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  #5  
Old 11-08-2001, 09:15 PM
paul paul is offline
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Join Date: Dec 1999
Location: Chicago,Ill.
Posts: 1,625
Kevin, you must be thinking of a small bond, We are bonded for $5 million, the IRS is not as bad as getting payment and performance bonds. Check this thread http://www.lawnsite.com/showthread.p...hlight=bonding
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