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Commercial Bonding Process DOC Lex Co Sc  Form

Commercial Bonding Process DOC Lex Co Sc Form

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Hello, I'm Tim Marchio from Selective Insurance, and today I will share 3 Views on keeping up with Bonds. #1: Contractors should consider price escalation when purchasing a Contract Surety Bond. The Associated General Contractors of America state that 72% of surveyed contractors report projects are taking longer than anticipated. Yet, only 44% negotiate longer completion times in their bids and contracts. As supply chain disruptions extend project completion times, increasing inflation rates start driving up costs – meaning contractors are unlikely to complete the project at the contracted price. Selective can offer your contracting clients expert guidance on how they can better protect themselves by including price escalation clauses in their contracts. #2: Many private projects now have bonding requirements in place. The downstream effects of COVID-19, like supply chain issues and increased material costs, have forced private owners to be more cautious when accepting bids. Private

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