The Importance of Surety Bonds in Construction Contracts

A business management graduate from the Ohio Dominican University in Columbus, Ohio, Michael Mike Lelasher is a professional replacement contractor and construction executive. Replacement contractors, also known as specialist remodeling contractors, work on small projects that average $15,000 or less under a general contractor. For each project, Michael Lelasher formulated and reviewed surety bonds.

Surety bonds are written agreements where one party, the surety, obligates a second party, the obligee, to cover for the principal project defaulter, the third party. The parties and agreement vary, depending on the nature of the project. The general contractor payment bond covers the subcontractor in case the general contractor runs into trouble, typically financial or performance-based, during the project. On the other hand, the subcontractor performance bond ensures the general contractor still gets paid by the insurance company in case the subcontractor defaults on the project terms and conditions.

When called up as a replacement contractor, ensure you thoroughly review the surety bond, focusing on the scope of completed and incomplete work and sureties to ensure you get paid for your input.

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Why Construction Firms Benefit from Hiring Business Administrators

 An experienced business administrator, Michael Mike Lelasher resides in Columbus, Ohio. As vice president of Cardinal Builders from 2004 to 2010, Michael Lelasher ensured the development of several businesses for the company. Similarly, he developed growth and business strategies for the company.

When it comes time to submit a bid for forthcoming construction projects, every construction company requires excellent business development abilities to assist them in getting in front of potential clients who will consider their company. A construction company receives significantly more bid inquiries when it prioritizes business growth.

To create new business prospects, a business administrator will assist the construction firm in locating and establishing contacts with industry specialists. Similarly, they go to business gatherings and other events to keep up with industry developments and rivalry and build ties with current and potential customers.

Business administrators update the management team regularly on the status of new business development initiatives and other important metrics.