Construction Bonds 101: How Bonds Work and How They Get You Paid | Levelset & Surety Bonds

Every construction company needs to get bonded, but what do you really need to know to keep your company financially protected?
Join this webinar led by construction bond specialist Matt Bocklage of SuretyBonds.com to hear the key fundamentals and how they relate to payments.
You'll Learn:
- What are construction bonds
- How to get bonded fast, and next steps
- Why bond claims happen and how to prepare
00:00 - Intro
02:07 - Bonds 101
06:44 - Do you need a bond?
10:46 - Securing your bond
13:22 - Q&A
#ConstructionBonds #Bonds101 #ConstructionPayment

[@KBCrochets]

Hello, does contractor bond cover ADUs? Thanks

[@patrickambler749]

Spoke to a surety agent who told me that they will bond me on a big project coming up, but that the contract payment will go straight to them and they will handle progress payments and purchasing materials... is this normal?

[@ernestgodin4025]

Excellent

[@wojtek86]

I am starting a project for a public school, I usually charge a deposit and for materials prior to ordering. This time the GC tell me that I will be getting paid after and that this project is bonded so I am prtected. I do not want to be in a situation where I ordered material and the client doesnt want to pay anymore. Can you help me in this matter?

[@Levelset]

Great question! Here is some info on getting paid with bond claims www.levelset.com/blog/payment-surety-bond-claim/ or you can ask the question here (www.levelset.com/payment-help/) and a construction Attorney will get back to you with an answer. Finally, we work with contractors every day to provide financing for materials. We can buy materials from any supplier you work with and give you up to 120-day payment terms. Here is more information on how it works. www.levelset.com/materials-financing/

[@nal004]

I would imagine you are protected since the GC is the one that had to pay for the bond so all of his costumers ae guaranteed to get paid... Did you end up getting paid?

[@dekonfrost7]

I just spoke to one of your guys 5 minutes ago. He hing up on me for asking questions On a performance bond for 4 million. I have another slated for 35 million 2024. I wont be coming back. He hing up when i was finishing the call when i asked for his name he seemed annoyed to do his job. Who knows maybe he is the principle. either way, viewers dont waste your time here. If you have plenty if money and no experience in this arena, these are not the people for you to do business with.