The construction industry has seen some highs and lows over the past two decades. While it has, at times, fallen victim to economic hard times, it’s an industry that always seems to come back strong as businesses continue to grow and expand, requiring building or renovating spaces to adjust to the changing times. Add to this the fact that green and sustainable building trends have been making headway for some time and this has all helped the industry survive through many of the hard times.
According to the Bureau of Labor Statistics, construction is currently on the rebound, which only adds more jobs to the economy. This means more surety bonds in NJ are being issued and local contractors should benefit from the additional work they’re receiving.
Bond requirements must be met
Contractors are constantly positioning themselves to get in on bids for work, and nearly all government contracts today require surety bonds, as do most private contracts as well. But obtaining bonds can be a difficult process for the ill prepared. For example, a contractor could wind up winning a bid only to default on a project due to material shortages, weather issues, or other concerns that can cause delays or force a complete work stoppage. These sorts of events can greatly hurt your credit.
Still others, new to the business, that don’t quite have the history needed to get the required surety bonds will lose out on jobs they may otherwise have been awarded. Whatever the reason, while you may want to compete for some of the larger contracts made available, you might be unable to qualify for the necessary bonds.
This is where enlisting a qualified agent comes in handy. By going over the specifics of what you need to qualify and, in turn, compete, a reputable agency can help to determine how to secure the proper bonds that are the right fit for your business.
Enlisting a truly great agent can help you to submit the required forms needed. You’ll need to include information about your personal and business financial status, bank information, and business plan. With the right agency in your corner, securing surety bonds in NJ can be an easier process than you think.