Q&A: How to prepare for a new or expanded bond program


Contractors looking to start a bonding program or expand their current program in anticipation of an influx of federally funded projects should formulate a business plan that accounts for labor, preferred project types and how and where anticipated work will happen, says Karl Choltus from Brown & Brown Insurance. "Even lower-tier contractors that have typically never been required to supply payment and performance bonds, either under federal and state law or by their customers, could have to do so as top-tier contractors seek to de-risk and increase capacity for their own bonding programs," Kim Slowey writes.

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