ORSC Blog

Commercial Surety 101: Why Contractors Need to Be Licensed and Bonded Most states require contractors to be licensed to obtain permits for projects. State and local jurisdictions may also require contractors to be bonded in order to ...
The Relationship between You, Your Agent, and Your Surety No matter what business you are in, you may need a surety bond at some point in time. This could range from a simple business services bond to a ...
As 2020 Closes: Consider Alternative Accounting Methods on Long-Term Contracts To say that 2020 has been a challenging year would be an understatement. Many small businesses across all industries were hit hard by the COVID-19 global ...
Maintaining Surety Credit in Times of Growth and Transition Most construction companies in the U.S. are owned by an individual or the members of a family. Yet, according to the Family Business Alliance, only 30% of ...
Surety Bond or Letter of Credit: What's the Difference? Surety bonds and letters of credit (LOCs) both provide risk management for construction or development projects. To know which is appropriate to use, it helps to ...
Contractors: Is Your Internal Record Keeping Helping You or Hurting You? Let’s face it, the reason you went into construction is because you like being at the job site — not cooped up in an office. So you probably don’t spend as much ...
Worker’s Compensation – Subs, 1099s, Employees – From a Risk and Bonding Perspective – It Does Matter! Workers’ compensation can be a sticky wicket for construction firms. It’s an area where new contractors and veterans alike can find themselves in legal and ...
Expect the Unexpected: The Importance of a Solid Continuity Plan Growing up in a family that owned an electrical contracting business, I was always surrounded by a strong work ethic and dedication to the business. While my role ...
Contractors Can Seek Relief Through The CARES Act The vast majority of businesses in the United states are classified as Small Businesses under standards of the Small Business Administration (SBA).  Deteriorating ...
Underbilling: Why Your Surety Has Concerns — and You Should, Too Underbilling occurs when work you’ve completed hasn’t been billed or costs you’ve incurred haven’t been reimbursed. Nearly every contractor has some underbilling ...

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