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Rebuilding Life After Bankruptcy

Posted on by Creative Programs and Systems

The task of rebuilding your life after you have filed for bankruptcy can seem quite overwhelming.  It is important to recognize that your life is in the midst of a transformation.   Bankruptcy allows individuals to start over; it provides a clean slate where you are in control of your life unlike your previous life which was being ruled by your debt.  This article will talk about restructuring your credit rating, finances and emotional health.

Individuals, who have recently filed for Chapter 7or Chapter 13 bankruptcy need to come to terms with their pasts, put it behind them and begin to chart a course of action to regain financial stability.  Bankruptcy offers a second chance to individuals.  A key element to ensure this second chance is not wasted is commitment.  Commit to recovering.  The post bankruptcy steps listed below will help to preserve the calm that you feel right after bankruptcy.

The first thing individuals must realize is that they are not alone.  Let go of any shame or guilt that you may be feeling.  Many individuals find themselves in a financial predicament where they must seek protection with bankruptcy.  There is no reason to be disappointed or to allow the feeling of humiliation to takeover your future.  To ensure success you must move forward with a positive mindset.  Make peace with your past and let it go.  There are many reasons that people declare bankruptcy: medical bills, divorce, losing a job and various other personal stumbling blocks.  Learn from the mistakes that were made and move towards your fresh start do not allow yourself to dwell in the past.

The next step individuals must take after bankruptcy is to create a realistic financial house with a professional support team in place.  It is time to create a budget and concentrate your efforts on making a plan that allows you to pay your bills on time, build an emergency fund and account for the future.  Live under your means to ensure that you never find yourself in an unpredictable financial situation again.

Next it is crucial that you begin to rebuild your credit rating.  The simplest way to achieve this is through paying your bills on time.  Once you have begun routinely paying your bills on time it is important to establish a line of credit.  This may mean taking out a car loan or obtaining a small line of credit.  It is important to note that after bankruptcy you make need a cosigner and may be required to pay higher than average interest rates.  It will take some time but you will once again prove yourself to be credit worthy once again.

Remember to fact check.  Never believe anything you hear about bankruptcy without fact checking with your attorney.  There are many myths and misconception that surround the bankruptcy process.  Bankruptcy attorneys are the best source of truth.

One of the most well known myths is that filing for bankruptcy will automatically disqualify you from receiving a mortgage for ten years.  This is false.  It is also not true that when you file for bankruptcy you have to wait at least seven years to obtain a credit card.  In fact ninety six percent of bankruptcy filers are offered a new credit card within the first year of declaring bankruptcy.  Separate fact from fiction with help from your bankruptcy lawyer.  They can help guide you through all of the falsehoods that surround building a financial future after bankruptcy.

Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a bankruptcy attorney that will help you in debt relief at http://www.bohikianlaw.com/ today.

Dickron Bohikian Law Group

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Tips To Buying and Selling in 2016

Posted on by Creative Programs and Systems

At the first sign of spring both home buyers and sellers get anxious.  This is the time of the year that many homeowners wait for to list their homes in search of something bigger and better.  The season brings a flux of new home buyers looking for their first homes, buyers looking to upgrade and sellers anxious to sell in order to move on to the next phase of life.  No matter where you are at or who you are in the equation one thing remains the same; spring is the perfect time to buy and sell real estate.

It is important to have the market on your side.  2016 is said to be a year filled with a new competition between buyers that hasn’t been seen in recent years due to the relatively low housing inventory, slow increase in interest rates and home prices.  People are ready to settle into a home at a reasonable price while taking advantage of the current lower interest rates.  Economists have long predicted that the interest market on home loans would start to see hikes as the economy recovers.  This article is filled with tips for both home buyers and home sellers so that they can understand what is important right now in the real estate market.

Top Buying Tips For 2016

  • Don’t Delay: Many home buyers want to time their purchase to coincide with the spring or summer season. This is problematic because this is a theory many buyers use which leads to a high demand for homes within these seasons, which drives up competition and therefore the price sellers can ask.  Start looking for a home immediately.

    The home buying process is not something that occurs overnight.  Rest assured that beginning your search today doesn’t mean you will be moving right away.  Meet with a local, professional real estate agent right away. They will access your wants and needs and be able to locate homes within a database that may interest you.  Start the process by driving by the locations.  Scope out the neighborhoods, schools and other areas of interest; if you happen to love the home look at it but again the time table is one in which you set.

  • Work With A Mortgage Specialist: A mortgage broker is a specialist who will look at your current financial situation and seek to find a mortgage lender and home loan option that is most advantageous. A mortgage specialist will help to find you the best type of loan and rate for you while examining just how much you can truly afford to take on.  A pre-approval from a mortgage broker is also a huge bonus when it comes to having an offer accepted on a home.  Sellers are looking for buyers that are committed and ready to buy.
  • Consider New Construction: 2016 has been deemed the year of that new construction begins to surge. The prediction is that the new construction market will grow sixteen percent this year alone.  If you choose to buy a new home there is often less competition and a larger selection of homes to choose from.  The con however is that new construction homes often start at a premium price tag.

Top Selling Tips For 2016

  • List Now: The prime season to buy a home is historically April through June. Now is the time to get your home ready to sell and listed on the market.  A larger population of buyers is said to be seeking to buy homes during the spring and summer seasons.  Take advantage of this.  More buyers can often lead to bidding wars resulting in higher prices and quicker closings.
  • Be Reasonable: Don’t try to oversell your home. This is an issue many real estate professionals face when listing a home for a seller whom deeply regards every cent of home improvement that has been put into a home.

    It will not matter that you put in all new landscaping when you moved in five years ago other than the home looks better and is up kept.  Some renovations will not offer a return on investment.  Listen to the professionals when pricing your home to sell.  Price your home to sell based on the market and comparable homes in the area.  This will ensure it sells quickly and effortlessly.

  • Offer An Incentive: No matter what is being sold people love a deal. Offer an incentive to buyers. Be willing to negotiate in areas other than the homes price.  For instance, if you live on the water and are moving inland consider throwing in the boat.  If a buyer mentions that love your dinette set be willing to counter offer a higher priced offer but include the dinette set.  This is often a win-win situation for buyers and sellers.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

C21 Lady of the Lakes

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The Process Of Obtaining Surety Bonds

Posted on by Creative Programs and Systems

Surety bonds are contracts between a business, bonding company and third party.  They are purchased by businesses to confirm the fiscal worthiness of a company as well as to offer affirmation on their reputation.   If a business should fail to comply with a contract the bond acts as financial coverage to the third party.

Obtaining any type of financial backing or support for a business venture comes with a process of verification.  The same is true of business of all sizes seeking surety bonds.  Companies specializing in surety bonds offer assistance to business owners seeking to obtain bonds through agents acting on their behalf.

Surety bond agents guide business owners through the bond process helping them to understand how the history of their business will affect the bonding process on a whole.  They are dedicated to working with business to examine contracts that require bonds and help determine a proper fit between their business, projects and the bond company.  A surety bond agent works to examine the business, assess client’s needs and prepares a submission to the surety bond company.  This is just the start for business owners looking for surety bonding.

The next step in surety bonding after an initial meeting between a bond company and a business owner is working with an underwriter to complete a history of your business and financial setup.  This is to access your overall risk.  The underwriter seeks to determine that you are not at any risk for being able to complete a project as specified within a given contract.  The information the underwriter will obtain consists of the business plan, future projections, positive cash flow, healthy credit, professional references and information on the chain of command within the business.

Prepare ahead of time by seeking out items such as annual finance statements for at least the last three years, cash flow statements, current accounts receivable and payable as well as an understanding of the accounting method used within the business.

Depending on the information provided on the company’s history and current financial situation the surety company give a rate in which the bond is to be issued at.  A solid history and financial status allows owners lower rates; a total of one to three percent on the total bond.  A business with risky historical data and uncertain financial situation can find themselves paying upwards of fifteen percent on a bond rate. The rate is dependent upon the risk the business, the more likely the business is to default the higher rate they must pay the surety company for the bond.  The bond is normally paid in one single payment.

Obtaining a bond can be an expensive endeavor.   To ensure that the business is qualifying for the best rate or to receive quotes from different companies before making a bond purchase go online and research the options available in the state in which business is conducted.  Surety bonds protect business owners and the people that are doing business with them from the risks involved throughout the process.  The most common bids obtained in the construction bonding process include: bid bonds, performance bonds and payment bonds.  Seek out a professional bonding company today to ensure the business and those it contracts with are covered in case of default.

Construction Bonding Specialists, LLC are dedicated Surety Bond Professionals that are aligned with several Treasury Listed and AMBest Rated Surety markets which allows them to assist with virtually all Bid, Performance and Payment, Financial Guarantee and Supply bond needs.  Find out more information at http://www.bondingspecialist.com.

Construction Bonding Specialists

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Tips On Qualifying For The Lowest Mortgage Rate and Best Home Loan

Posted on by Creative Programs and Systems

2015 was a year known for consistency when it comes to mortgage rates.  On average home loan rates stayed around four percent throughout the year.  The same is not to be expected for mortgage rates in 2016. The National Association of Realtors says it expects to see rates upwards of four point five percent by the end of 2016.  The rise in interest rates will have an effect on the housing market.  It is important to note that even with the increase expected to be seen during the year that the rates being seen are still at an all time low.  It isn’t necessary to panic but instead to be cautious when seeking to buy a new home or refinance and existing loan.

To ensure you qualify for the lowest mortgage rate and best possible home loan follow the advice below.

  • Enhance Your Credit Summary: A lender first looks at a buyer’s credit profile on a whole when determining if they are a financial risk that they are willing to take on. When you are looking to buy a home or refinance an existing loan it is important to manage your current debit.  Be sure to pay your bills on time and pay more than the minimum on all outstanding credit card balances.
  • Start Hording Funds For A Down Payment: When a buyer puts less than twenty percent down on their new home they are often forced to pay what is known as PMI, primary mortgage insurance. This can raise the monthly payment of your loan upwards of fifty dollars each month.  These funds go towards an insurance that is paid on your behalf to the mortgage lender to insure the mortgage.  It is better to have fifty extra dollars each month going on the principle mortgage payment over insurance.  A home can be purchase with less than twenty percent down however buyers should be conscience of the extra monthly expense.
  • Work With A Mortgage Broker: So much more goes into obtaining a mortgage than just finding a low interest rate. There are many programs available to home buyers as well as an abundance of financing options. A mortgage broker can help find a loan that caters to your specific financial situation.  They will seek out a variety of options from a variety of lenders and present you with the best scenarios from each to assure you are getting the best deal for your all around situation.
  • Learn About Loan Types: As mentioned above there are several types of mortgages available.  Just because a friend has a fixed rate, thirty year mortgage does not mean that is the best option for you.  The same is true for an adjustable rate home loan.  Different situations call for different mortgages.  Learn about each option and ask about how each will affect your mortgage.

Buying a home is a complex process.  Working with professionals within the industry will help smooth the transition into home ownership.  It is advantageous for buyers to seek assistance from real estate professionals, mortgage experts, home inspectors and real estate lawyers when purchasing a home.  This will help to ensure a positive transaction and beginning in your new home.

Cross Country Mortgage in Brighton, Michigan provide mortgage services for clients including new home loans, refinancing, reversed mortgages, new purchase home mortgages and home equity loans to the entire Livingston County area including Brighton, Howell and Livingston County. Cross Country Mortgage Brighton, MI at http://brightoncrosscountry.com/.

Brighton Cross Country Mortgage

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Creating A Label That Reflects The Image Of Your Brand

Posted on by Creative Programs and Systems

In creating a new product label it is important that it is designed and developed to ensure the proper message is being received.  There are so many different aspects to labeling that are often forgotten that lead to the demise of products newly introduced in the market.  Not only is the message on the label important, as well as the information that it contains it is also crucial that the material of the label best represents the product.  Below you will find an example of the impact improper labeling can have on your product, brand and companies success. You will also see what it takes to create the label your brand deserves.

A product that is created to impact the environment positively should be labeled using materials that also represent the same image.   Labeling a product made to help the environment should be done so in a labeling material that is created from recyclable, bio degradable materials.  This shows the brand commitment to their positive stance on the environment.

A food product that is created for children to snack on as they travel should be labeled and packaged in way that makes the product easily accessible, easy to use and reseal.  The labeling and packaging help to enforce the brand commitment to the creation of a product that is meant to be packed up and traveled with.

The message you want your brand/products to be should be reflected in the label.  This labeling material and style is just as important as the labels message and content.

If you wish to show that your brand/product is an authority or leader in the market then it is important to showcase its authority.  Label designers can show that something is trustworthy, confident and considered to be of top notch quality using a few different design techniques.  Capital letters, bold contrasting color and a high label placement all help give off an authoritarian vibe. Think about different brands/products which are considered superior.  When it comes to peanut butter one very specific brand comes to mind.  It will come to you in a jiffy. It is possible to see these three techniques within the brand/product label.

Honest and authenticity is something that many brands/products strive for.  To create a label that mirrors this image it is important to create a label that is made from materials that represent a real vibe with a label that design that follows suit.  Use a logo with font that is unlike any other on the market.  Custom colors and features that will become icon in projecting the image of the brand/product should be prominently displayed.  Create a label that is meant to stand the test of time. Design a label that can be used for years to come to represent the brand/products that your company offers.

Looking to show what consumers can expect out of a brand/product marketers seek to design a label that shows the products expectations.   This is done through labeling by conveying what is on the inside of the package within the outside label.  How does the product perform, how will it smell, what taste does it offer that is unique.  The pureness of a product is shown using clear colors, transparent blues, whites and pastels.  Bold brands/products show this message with valiant colors and daring fonts.

The label design is one of the most important factors influencing the marketing of your brand/product to consumers.  The message that you wish to prove is displayed first and foremost through the custom label.  The success of this objective is crucial to the overall success of a company.

At Anchor Printing, we take pride in offering our clients cut & stack labeling, pressure sensitive labels, roll-fed labeling, shrink sleeves as well as flexible packaging options. Contact us today at http://anchorprinting.com for all of your product label design, printing and packaging needs.

Anchor Printing

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Information On Electrical Panels

Posted on by Creative Programs and Systems

Every home and business has one.  A mysterious gray box inset in a wall, usually in a basement, garage or laundry room, that controls the electricity flow.  The electrical panel that is contained within the puzzling gray box is a major electrical component that many of us will have to learn to operate to ensure the electricity in our homes and business’s stays operational.

The insides of the box are important to even those whom are unfamiliar with the world of electrical components.  When the panel is opened what you initially see is a single circuit breaker that is displayed as two columns.  Above these columns a large switch called the main switch can be seen.  The main switch controls the electrical current for the entire home while the smaller switches within the two columns are responsible for electricity in certain locations in the home or business.

Individual breakers control the electrical current to the outlets in your home.  Each one allows only a set amount of current to flow through that unparticular current at any one given time.  When a current that is larger than what the circuit can handle is pushed through the breaker will surge cutting off all power to the outlet.

A perfect example of this that is witnessed on a daily basis is within a teenage girl’s bathroom.  Picture an outlet loaded with a blow dryer, electric tooth brush, hair straighter and magnified mirror.  When all of these appliances try to pull power at the same time the circuit will become overloaded.  At this point the breaker will surge and power will no longer be received through the outlet.

To remedy the situation the electrical current needed will have to be downsized by unplugging the overloaded outlet.  Within a bathroom space the current is often exceeded.  In most residential settings outlets with built in circuit breakers will be installed.  This allows homeowners the convenience of resetting the breaker right there and then after the overload is stopped.  If a circuit in a bedroom or living room surges the homeowner will most likely need to locate the panel and switch the circuit breaker in question back on.  This process is fairly simple and a blown circuit is easily identifiable as the switch will be a different color than the switches that have not surged.

Circuit breakers are designed to surge as a safety feature against overloaded electrical outlets.  They protect your home and business against damage that can be caused when a flow of current is present that is not able to be handled by the circuit.  Without the protection of a circuit breaker problems that arise from an overabundance in electrical current, such as fires, could occur.  When the current level exceeds the breaker the breaker fails and the system is working as it needs to.

The main switch within the panel is to control the electrical current throughout the entire home.  Homeowners may find themselves tripping the switch in cases of flooding or other emergency weather situations.  Flipping the main switch cuts power to the entire house protecting appliances and heating and cooling systems from surges caused by lighting.  Large surges, all at one time, as seen in lighting strikes can cause damage beyond repair to large appliances and systems within the space.  It is better to cease all electrical current in these situations to avoid that possibility within your home or business by switching the main circuit breaker into the off position.

J&P Electrical is a full service electrical equipment company.  At J&P, we supply contractors, end users and supply houses with new surplus, quality reconditioned and obsolete electrical equipment. Contact us today at https://jpelectricalcompany.com for all of your bus plug, circuit breaker, switchboard, fuses, disconnects and more.

J & P Electrical Company

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Bankruptcy and How The New Laws Affect You

Posted on by Creative Programs and Systems

If you are considering personal bankruptcy it is important to understand the laws and how they affect your situation.  New bankruptcy laws have been put into place to help individuals get out of their current situation before they have to resort to filing for bankruptcy.

New bankruptcy laws make credit counseling mandatory within one hundred and eighty days of an individual filing for bankruptcy.  Individuals must relay all pay stubs that are received within the sixty days prior to bankruptcy be filed with the court.  All creditors owed are entitled to a copy of the individuals most recent tax returns.  Filing individuals must attend financial management classes after filing for bankruptcy.

Before filing for bankruptcy under the current laws it is important to take a long hard look at your financial situation.  Answer the following questions honestly to determine if you really should consider bankruptcy and which option is best for you.

Is it reasonable to expect that your debt can be paid off completely within three years while maintaining a tolerable standard of living?  If the answer is yes then you are most likely on a solid financial foot and just need to adjust the way you are currently living to fit your current situation. If you cannot reasonably expect to be debt free in three years with a bit of adjusting to your current spending than you should look into the option of bankruptcy.

With chapter 7 bankruptcy many of your debts are forgiven immediately.  You will need to surrender any and all non exempt property.  It is important to note that ninety six percent of filers do not lose any assets when filing for chapter 7 bankruptcy.  Chapter 13 bankruptcy allows you to pay a portion of your debt back over the course of three to five years.  The type of bankruptcy you can file for will be dependent upon your current finances.

If your median income is greater than the median income for your state you may chose to file chapter 13 bankruptcy with a five year repayment plan.  A chapter 7 bankruptcy with an income greater than the state median may be dismissed if your debt is mostly consumer debt and you flunk the Means Test.  If your income is lower than the state median then you automatically fail the Means Test.  This means if you choose chapter 13 bankruptcy your repayment plan will only span three years.  You will not be committed to spending all of your disposable income to a five year repayment plan.

Do you need time to catch up on your mortgage? Do you have nonexempt property you wish to keep?  Do you owe taxes or support payments that you need time to pay off without the hassle of creditors?  The rules vary from state to state but generally homesteads, pensions, cars and household goods are all exempt.  If you answered yes you may consider chapter 13 bankruptcy.  If your income is greater than the state median you have to pay on your repayment plan for five years; if it isn’t the three year plan is your only option when filing for chapter 13.  If you answer no to these questions than chapter 7 bankruptcy is the better option.

To get more information on bankruptcy and the process, call to set up an appointment to meet with a qualified bankruptcy attorney today.  Your financial future depends on hiring the right person to represent you throughout the bankruptcy process.

Bohikian Law Group specializes in chapter 7 and chapter 13 bankruptcies in Michigan. Contact us today to find a bankruptcy attorney that will help you in debt relief at http://www.bohikianlaw.com/ today.

Dickron Bohikian Law Group

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The Psychology Of Color In Custom Labeling

Posted on by Creative Programs and Systems

When it comes to custom labeling it is important to understand the psychology of color.  Knowing what feelings are invoked with color and when colors are used in combination of one another ensures a proper foundation to successfully package and market your product.  Color, when used in custom label design, is used to convey a message without saying a word.

When marketing a product color serves an important role in how consumers view your product or services.  In order to maximize a company’s brand and the impact it has on consumers colors are combined to reflect a desired message.  Then as time goes on and those colors are seen used together images of your brand will emerge.  Think about the first thing that comes to mind when you see the colors red and yellow together?  Do the golden arches of a certain popular food chain come to mind?  Color is how marketers work to create a successful brand.

Another thing to consider in the colors used in your products custom label is how different colors are perceived around the world.  The meanings of colors used in product labeling don’t mean the same thing to everyone in every culture.  Below you will get an idea of how color is used in labeling and what can be associated with each.

Red

The color red can mean something completely different depending on the product type.  Red is a bold color that is known for presenting power, sexuality, velocity and vigor.  Red as a main label color represents something different than red lettering.  Red is a perfect color when designing a label for a product that is meant to be bought on a whim.  It is perfect for products that are to inspire purchase on an impulse.

Orange

When looking for a color that exudes energy, warmth and a bit of mischievousness, orange is the perfect color to use in custom labeling.   When orange is used consumers see adventures and confidence.  Marketers choose orange when looking to package products to give off freshness and vibrancy; often used in juices and products that wish to represent and era of sophistication.

Green

Products wishing to appeal to nature and the environment choose green.  The color green is earthy, fresh and clean.  It attracts energy, movement, peace and an appeal to the earth.  When looking to exude how in touch your product is in with Mother Nature a variety of green shades should be used to design your products label.

Blue

The color blue offers feelings of professionalism, reliance and dependability.  Blue, especially darker blue shades are used in logos and custom labeling when looking to present class and trustworthiness.

When choosing colors and different combinations it is crucial to consider the message the colors used say about your product without saying a word at all.

At Anchor Printing, we take pride in offering our clients cut & stack labeling, pressure sensitive labels, roll-fed labeling, shrink sleeves as well as flexible packaging options. Contact us today at http://anchorprinting.com for all of your product label design, printing and packaging needs.

Anchor Printing

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It’s Time To Buy A Home

Posted on by Creative Programs and Systems

The busiest season for the real estate industry is the spring.  With temperatures on the rise signs of life begin to be seen all around us.  Flowers are blossoming, trees are blooming and homeowners are hitting the market with fresh listings.  With spring comes a renewal in life, potential and inspiration.  Spring is seen as the perfect time to take on a new adventure.

This is just one of the reasons why we see an increase in real estate transactions.  Both buyers and sellers alike are looking to find a perfect match and be on the path of a new journey.  Many real estate articles are centered on sellers and tips to selling a home however this leaves many buyers looking for tips of their own.  Below buyers will find helpful industry tips to successfully purchase a home this spring.

1)      Hire A Real Estate Professional

A real estate agent is so important to the home buying process.  An agent that specializes in local real estate serves so many purposes from tour guide to financial advocate.  Hire an experienced agent.  When chosen carefully a realtor will represent your best interests in all transactions throughout the entire buying process.  Buyers agents not only work to find the buyer the home of their dreams, they help with contractual paperwork, all negotiations, home inspections and concerns as they arise during the process.

Many buyers believe they cannot afford a real estate agent.  This is however the furthest thing from the truth. In fact you can’t afford not to hire a realtor.  It costs nothing to hire a buyer’s agent; in fact the seller of your dream home pays the commission so you have nothing to lose.

2)      Get a Financial Profile Analysis and Mortgage Pre-Approval

Come up with a budget that helps you determine how much you are comfortable spending.  This is a good place to start initially.  Once this is completed it is important that you meet with a mortgage broker to examine how much money you are qualified to borrow.  Do these two things before ever touring a home.  If you meet with a mortgage specialists who says you are pre-approved for a two hundred thousand dollar mortgage but you are not comfortable with the monthly mortgage payment that comes along with it don’t tour homes with that price point.

Pre-approval on a mortgage helps to ensure that you will be taken seriously by sellers.  It is more likely with a pre-approval that the bid you submit will be taken serious and that sellers will see you as an attractive buyer.

3)      Determine Your Needs Verse Your Wants

All buyers have their own list of needs when looking at buying a home.  Some families want to live near a good school system; others want big yards with area for their children and pets to roam.  Some want easy commutes to work or specialized rooms like libraries and woodworking.  Only you as a buyer can articulate what you desire out of your new home.  Be sure to create a detailed list of the musts such as three bedrooms and two baths along with a list of wants such as a large basement and laundry off the kitchen.  This will help to ensure that the real estate agent can better access homes to make sure they aren’t wasting your time or theirs on homes that don’t meet your needs.

The process of buying a home is simplified with the help of a professional real estate agent.  Find a local realtor online to help you through the home buying process.  Find out more about hiring a real estate agent who is ideal to assist in the home buying process on our blog.

Cross Country Mortgage in Brighton, Michigan provide mortgage services for clients including new home loans, refinancing, reversed mortgages, new purchase home mortgages and home equity loans to the entire Livingston County area including Brighton, Howell and Livingston County. Cross Country Mortgage Brighton, MI at http://brightoncrosscountry.com/.

Brighton Cross Country Mortgage

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The Important Of Surety Bonds

Posted on by Creative Programs and Systems

The bonding process may seem like a paperwork inconvenience.  The reality though is that without the financial support of bonds and the financial backing of surety bonding companies that often times the final result would not happen.  This is why surety bonding is so important throughout construction process.  Bonding ensures that all parties involved in a project are covered financially to complete the project at hand if there should be a party the defaults on the contract.

Performance bonds are in place to guarantee that work on a certain project will be done to the specifications set forth in the contract within a certain timeframe. This allows other aspects of the project to be scheduled without the fear of loss that comes from rescheduling and such.

Consider the following: a renovation on a school. The process begins with the bidding process.  School districts need to be certain that the contracted work can be completed within a certain time frame to ensure that when school starts in the fall the renovation is completed and children are not left without classrooms.  If the work is not completed as specified many people will suffer.  With bonds in place the obligee is protected from financial loss and is covered by the performance bond held by the contractor.

There are a variety of bonds used to ensure the flow of public construction projects.  In order to bid on any government or public project contractors must have established a bid bond with a surety company.  A surety company will look at the contractor’s history and determine a set fee on a bond.  A bid bond states that the bid that is submitted is fair and reasonable.  It states that a project can be completely fulfilled at the cost the contractor has bid.  This ensures that contractors don’t manipulate the bidding process by submitting a low bid in order to get the contract only later to raise the amount required to complete the project.

Another bond that is required on public projects is a performance bond.  A performance bond is a guarantee that states work will be performed as set forth in the contract.  The work is performed using specific materials, with a specific time frame and is done so as stated within the contract.  A performance bid protects the project owner from subpar workmanship and work not being performed within a certain time frame.  With all construction projects a clock is ticking.  One error on the part of a contractor or subcontractor can quickly spiral out of control. Bonds are used to ensure that the financial liability does not fall on the project owner.   All contractors have the same goal: to complete the job in a timely manner with the expected outcome.  Construction bonds help to protect all parties against financial catastrophe.

Surety bonds do not replace the need for insurance.  Liability insurance is different that a contractor’s bond.  Bid, performance and payment bonds are all used as another level of protection against things that occur that cannot always be controlled throughout the construction process.

Construction Bonding Specialists, LLC are dedicated Surety Bond Professionals that are aligned with several Treasury Listed and AMBest Rated Surety markets which allows them to assist with virtually all Bid, Performance and Payment, Financial Guarantee and Supply bond needs.  Find out more information at http://www.bondingspecialist.com.

 

Construction Bonding Specialists

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