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Contract Bonds are credit guarantees that a contractor will perform the work contracted and pay subs and suppliers. If the contractor defaults the bonding company is obligated to finish the contract. To qualify for bonding a contractor must demonstrate good management
, financial strength, profitability and a history of honesty and prompt performance of obligations.
Four Steps To Get The Bond Capacity You Need
1) Assemble Your Bond Team
Accountant- Surety companies want independent financial verification. As job size increases, they want reviewed-even audited annual financial statements. Get a CPA familiar with construction accounting.
Attorney- Some contracts you just should not sign no matter how badly you need the business or how profitable you think they are. One-sided contracts and fine print can kill a business. Get an attorney to review construction contracts and liability clauses.
Banker- Surety companies understand and encourage contingency financing for emergencies or temporary working capital. Get a banker that understand lending and the rights of sureties in your construction field.
Bonding and Insurance Agent- Sometimes an insurance agent has expertise in both construction insurance as well as bonding however sometimes it is best to separate these functions if it means getting the bond capacity you need. As independent businessmen and through their contacts and connections bonding agents are in a unique position to introduce you to accountants, attorneys and bankers with the experience you need.
2) Personally Meet The Bond Underwriter
A good bond agent will make sure you personally meet the underwriter at least once per year. No amount of financial analysis can substitute for onsite visits and assessments of the owner and company.
3) Maintain The Surety Relationship
Continual communication between contractor, agent and surety are essential. Depending on the frequency a bond is needed, expect to forward financial information semi-annually or even quarterly including Job Status Report and Work in Process Report.
4) Stick To Your Business Plan
If you and the bonding company have agreed to a bonding program (called a bond line) based on your submitted business plan, application, financials, volume and expertise, any bond requests that vary from your agreement or plan could be declined and raise questions about bonding future work. Some examples are bidding work outside your customary expertise, geographic area or bidding single jobs which equal or are greater than the total annual gross contract sales.
Contract Bonds are credit guarantees that a contractor will perform the work contracted and pay subs and suppliers. If the contractor defaults the bonding company is obligated to finish the contract. To qualify for bonding a contractor must demonstrate good management, financial strength, profitability and a history of honesty and prompt performance of obligations.
Surety Bond Agent Mark Strange Reveals Tips For Contractors To Maintain And Expand Bond Credit.
Have you heard of Garcinia Cambogia? Garcinia Cambogia fruit looks like a pumpkin and is yellowish or greenish in colour. The fruit is also known as Brindleberry and Malabar tamarind. The health benefits of the fruit have made it famous worldwide in the last few years.
Garcinia Cambogia grows in the tropical environment. So, it is commonly found in India, Central Africa and Southeast Asia. Many traditional recipes and curries of different Asian countries are made using the fruit. However, other than being used in culinary, Garcinia Cambogia extract has nutritional value as well. Today we will focus on the health benefits of the fruit.
Boosts weight loss
The primary ingredient in Garcinia Cambogia that aids in losing weight is hydroxycitric acid or HCA. When HCA is combined with other organic compounds that are present in the fruit, it boosts weight loss. Calories get stored in our body as fat. When you consume Garcinia Cambogia fruit extract regularly, your body prevents calories from being stored.
So, what happens when the calories are not stored as fat? Your body turns the calories into glycogen. Glycogen helps in muscle building. Therefore, consumption of Garcinia Cambogia extract by Healthy Way not only aids in weight loss but it also helps in muscle building, which is good for your body.
Energy booster and metabolism enhancer
There is a reason that your body stores calories as fat. Your body uses fat when it needs energy. When you start to lose weight, you may feel fatigued and weak. Your body needs to convert the body fat into energy. However, Garcinia Cambogia benefits include boosting the energy level. Therefore, even while losing weight you do not feel weak or lack energy.
Garcinia Cambogia is also known to improve your metabolism. Improved metabolism means your digestive system will work better, your body will absorb the nutrients from food in a better way and you will lose weight even faster. Besides, increased metabolism will make you feel more energised and hence, your body will not even need to store energy as fat.
Regulates cholesterol
Apart from helping in weight loss, Garcinia Cambogia supplement by Healthy Way also helps in regulating the cholesterol level. Low-density lipoprotein or LDL is the bad cholesterol that can block the artery and cause a heart attack. On the other hand, high-density lipoprotein or HDL is good cholesterol that helps in carrying fat molecules through the blood vessels without clogging them.
Garcinia Cambogia extract promotes HDL and reduces LDL in your blood. As a result, your high blood pressure will lower as well. Consequently, the chances of stroke or having a heart attack also gets lowered.
Control your appetite
While losing weight, the problem that most people face is lack of control over their a.
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