A Word From Our Sponsor On Contract Surety Bonds In The Construction Industry

New Jersey surety bonds play in important part in the construction industry. A construction contractor business can be very difficult to manage. The owner must follow the ebb and flow of available work, and sift out those jobs for which he is most qualified and likely to make a reasonable profit. Then he must bid on those jobs, winning them against his fellow competitors who have the same business goals. Once he takes on the job, he must carefully control costs to make sure that his profit margin is not eaten up by unanticipated expenses. In spite of his best efforts, surprises will occur regularly. He may find that some supplies are delayed, either by inclement weather, a shift in the amount of supply, or that his supplier found a more lucrative client. The work itself could be delayed, by inclement weather, sickness among the workers, and any legal slowdowns by the local government. In spite of extensive safety training, the unthinkable could happen, and the construction company owner must deal with the aftermath of a serious accident. He himself may have found a new client that he cannot refuse, and would like to reallocate his resources and building crew. All of these things have to be balanced during the months it takes a project to complete. The temptation to solve a problem by quitting in the middle of a job can be compelling. The New Jersey surety bonds are designed to protect the client of the construction company in this eventuality.

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