Page 18 - Tennessee 811 Magazine 2018 Issue 4

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7~— —— _',~. ~.''' ,5» ‘,tr:.,''.‘: ;:-‘7 - - ‘ ‘s .33,
'r— --— 7 ~ ‘$371, ' “,~r:v;.~,;‘.?:,. an
'— ' _——~ A " .._'-zt -I... .a )~‘K ~-t.~.<-:: » ..., s * ;.
tyoa are going ta he biddlng on a Contractor has ..-aceea.-tally completed it tteqaently; yuu mual have dane
"public lab” 7 where the uwnzr is ..-mallet handed ptajecta, $500,000 projects of this type and slzz
a city, caanty, alate, etc 7 yaa know or lzsa, the Company will luck tnote succesafully before 7 and pmvz it; you
they will he requlung a bond In fnvnrably on his $lmil applleatlan must have assets 7 preferably llquld, in

the amount at the jab. Thisprotzcts the Unlzas yoa have a viaiblz track aecatd, Excess cf the hand antaant. laeeaaae, IF

entity ttatn having ta 1'2-bld the job In at wlm'I happen. the bond is detaulted, you are gotng ta

case the winner figuma oat he did the . . u ,, have to relmburse the hand campany

math all wtang, and walks off the job M?“ "Q? “*3 “"3 mm‘ W "‘“‘“‘ ‘ ’ tat the full amaant they have had ta

this really IS ]ual a way to shnw the
ahoat halfway through. That hond has‘ [1 h , _ ,, ,, expend an your hehalt7 and yaa have
ta expand to whatevet changes ate pat °“‘“.Y ‘ “‘ ‘, 9 °““‘’.‘“‘‘“ ‘*’ "““d“b‘“' ta have It ta be ahle to repay it, right?
. . that If he wms the lnd, he can gel the .

through S0,abondiDr$1mlllIunc:m band Abidbmdmmmm b M ORhavesom2one no-ngnwhacan

Easlly became a hand fol $2 milllnn. way ‘If the mmm’m fig fiumjssiul and help pay it. Bonds ate the anly Ihmg

ouch! wins the lad, that bid hand converts

Yes, in really had when that mlllion ‘°r:$:f;‘§:“Lf:E‘:‘“C';:!‘°:dW}“f“}‘}‘E“is ml yobs

dullnrbund expands ta $2 mil, then ‘_’ _ ’ 5‘ ‘ . ._

. aucczaaiul, na hann, no fuul 7 there IS Inaunmce t. dtttetent altogether. Yuu
aclmzlhlng goes haywne and the Eh . , . _
. no argefurthzbld hand. Acanttaet dontrepaylhelluuranczcumpzlnylia

°°“‘”‘°“‘”“““°”‘“‘*"l‘ “P’°‘““°“* hand Enemll nos'Ls'~'Dn\2Lhin lnthe clann ha ens‘ ltahtnldtn iiatulal

The ""““ ‘°"‘1’““Y‘° '“*"P°“"“"°‘°‘l“ nel hlEathaadyat37i at the ahgnce if lo.-.-tzonrgteloznada etc fia tnent

Yes! The hand Company has ta now ‘Y’ ’ P ’ . _ ‘4 ‘ V _ .’

. new 7 wtth mayhe one DI’ twa nnallet Insurance pay. for IL your rate: wtll

“"9 ““"“‘°"°“"““°"° “°‘“|"*‘° handed aha ammo won or so the h hl h t d ’I
‘hi’P"’i“°‘“‘*”""“”““”I"}‘“‘“ bnndcolln an 71h the nrelwillin ta 'a’,',°t§a.y go“? H W“ on “Pay

“V ‘”’‘’“d’“ ""“Y ““ b°““ °‘““P““Y tame a bolfd a)l’ all 7 willyéhazge maxi y 8

—uLh2rwise known as the aumty 7 . The only things lnsunmce and surety

They might nlw requlrz cullatzral . .
thoroughly exatntne. all appllczmls far have ln tomrnun Is that they ate
(even a murlgngz an yuur house!) Cu’
bands? _ . cunlratts, they charge a przmlum
perhap.an1neyoeahleLettetotctedtt mdd“ ms Dndwjmedm bad
Thia is why it is almmt lmpuasiblz fur 7 payable ta the hand company in caae h V P ’ 5
appen.-. That might ..-aand like the
a new tontmclnr to get handed for a of detault . .
$1mfl.obfi hmulmhe am mm samztlungbul,tzualmalllsnnl. W
1 5 5 ' Your credit must he almost petteet
15 . Temless::El1 201.s,lsslteA and the build mmvany willcheck