After much bantering back and forth over the past several months, we have decided to adjust our RISK-FREE offer for club membership. A new membership now has two types of guaranteed satisfaction.

You can sign up for a free 30 day trial membership OR take advantage of our three month or annual membership discounts complete with a 30 day money back guarantee.

Don’t wait too long to take advantage of this most generous offer. As soon as we strike our deal with a third party service provider who shall remain nameless, the $19.98 monthly full access price for new members will go away.

We will still offer a base rate of $19.98 but it no longer give new members access to our presentations and other advanced features.  Existing members will be grandfathered as long as they keep their account in good standing.

Act now and gain full access to all of our proven solutions for 30 days absolutely FREE. Click here to join.

We’re pleased to announce that the discussion board on our membership site is now active.

Members can introduce themselves, ask questions, seek opinions, and compare notes. We have created sections for each major business function to keep conversations focused and organized.  The board contains all the usual discussion board features with one notable exception: in this case only contractors committed to growing their business will be posting. That’s quite a change from most discussion boards.

If you’ve ever ventured over to a free discussion board, you’ve probably noticed the discussions often devolve into petty little cat fights. We will not allow that to happen on the club’s board.

Guy and I will be monitoring everything and clarifying suggestions that we believe violate sound business practice. That feature is missing from most forum dialogues.

Hope to see you participating on the forum.

Your friends and champions,

Ron & Guy

As our series on Construction Bonds draws closer to the end, we’re going to take a look at two big ones — payment and performance bonds.

These are very significant and similar bonds. And are also among the most common construction bonds in existence. In fact, contractors will often see these bonds issued together as one “Performance and Payment Bond.” Their individual and collective function isn’t much of a mystery.

What They Provide

A performance bond ensure that a contract will be followed to the letter and that work will be completed — or that appropriate financial compensation will follow if the wheels fall off. A payment bond guarantee that workers, suppliers and other key stakeholders get paid.

These bonds are crucial for most construction projects, especially those that involve public tax dollars. For example, mechanics liens can’t be placed against public property, so payment bonds are basically the only protection available. These key bonds are actually required by law for most public works projects, including all federal projects that cost more than $100,000.

Filing Bond Claims

If a subcontractor or other party hasn’t been paid, they can file a claim on the bond. If it’s deemed valid, the surety company issuing the bond ensures the claimant is properly compensated, either by the contractor or, at last resort, the surety itself. Then the surety company will seek to recoup the damages from the contractor.

Purchasing These Bonds

Performance and Payment Bonds are typically purchased during the period of contract negotiation for the project. Surety companies and surety bond issuers scrutinize an applicant’s financial history, company and work history, management team and other key factors before deciding whether to issue a bond.

Rates for these bonds shift depending on an applicant’s unique financial and credit status. The market has leveled off a bit in recent years, but contractors should expect a stringent, straightforward underwriting approach.

Contractors without solid credit or significant experience may wind up needing high-risk bonding. There are companies that specialize in these types of bonds, although the rates are definitely higher because of the added risk.

This guest post was written by Kevin Kaiser of SuretyBonds.com.

Is one of your projects on hold due to funding problems?

If so, we may have found another funding source for the project’s developer. Pass the following onto them (via the General Contractor).

Carl Settles
NorthStar Funding Group
877-281-6660 (toll free)
909-996-6795 (direct)
909-474-8903 (fax)
nsfg@northstarfundinggroup.net
www.NorthStarFundingGroup.net

APPARENTLY NorthStar Funding will loan up to 90% of project value.

If the unstable bank situation is holding up one of your projects, give Carl a call to see whether your project may qualify.

If you are a subcontractor, copy and past this information into an email and send it the project’s General Contractor or CM. With the construction economy dragging as badly as it is, aggressive action is in your best interest.

If you’d like to discuss with me before calling Carl, drop me an email (ron@filthyrichcontractor.com) or call 913-961-1790. I’ll share what I know.

Be Forewarned: we are not vouching for Carl or NorthStar. We know nothing about the legitimacy.

Good luck,

Ron