Surety Bond Quarterly - Fall 2014 - 13

SUrETYLEArN.Org IS ESPECIALLY vALUABLE
TO SMALL ANd EMErgINg CONTrACTOrS
BECAUSE ThEY OFTEN FINd OBTAININg
SUrETY CrEdIT TO BE A dAUNTINg TASK.
task. Many of them have received poor
advice from non-surety professionals,
which often sets them back when it
is time to apply for surety credit, she
said. Moreover, they often do not know
whom to turn to for guidance.
"Many small contractors are very
good at their trade but are not necessarily
savvy when it comes to operating
and managing a business," she
said. "It often requires teamwork from
many business partners to establish
a surety relationship. This includes a
good surety bond producer, a construction-oriented
CPA, a construction
attorney and a banker. Suretylearn.org
is a great starting point for small contractors
who want to learn more about
the surety process."
Comprehensive Online Course
The online course is comprehensive
and allows enrollees to learn
at their own pace. "I'd definitely tell
contractors to pay $25 and take the
online course. It's such a great bargain
at $25," said Bryce Guignard,
president of longwood, Fla.-based
Guignard Company. "A tremendous
amount of information is available at
a nominal fee."
They can take as long as a year following
the payment of their enrollment
fee to finish the course. Each
chapter concludes with review questions
to help participants gauge their
level of understanding, and remedial
responses or brief explanations
about the answers are provided for
each question.
Nick Newton of Stillwater, Minn.based
Newton Bonding said, "I think
the online course is especially helpful
in introducing bonding to the uninitiated.
The articles and slide presentations
supplement what is learned in
the course."
Aside from the course,
Suretylearn.org offers much free
material, including articles and
slide presentations on the value of
relationships with professional surety
bond producers, construction/surety
attorneys, small-business bankers
and construction-oriented certified
public accountants.
Insight Into What Sureties
Value and Qualifying for a Bond
"This one-stop shop is very thorough,"
said
Stephen Spencer,
president of rockville, Md.-based
Insurance Associates Inc. "Many
emerging contractors do not fully
understand the many steps that go
into qualifying for a bond. Many think
it is similar to a bank loan. This site
does a great job in breaking out the
various issues you need to address."
"The words and phrases that are
used by our industry can often be
misinterpreted even by seasoned
contractors,"
added
Spencer.
"Having a site that spells out terms
and conditions in a sensible way
eliminates confusion."
"I think the main issue facing
small and emerging contractors is
that they don't fully understand the
bonding process and what it means
to be bonded," Guignard added.
"Spending time on the website will
enable contractors to better educate
themselves about the bonding process
and be better equipped to help
sell their company to a surety."
Moreover, the NASBP frequently
uploads timely articles to the site that
cover a wide variety of topics, including
this recent addition: "Balancing
Construction Projects with Sound,
Financial Decision Making and Proven
risk Management."
Industry Forms
The website also provides the following
key forms for contractors:
* A small-business contractor questionnaire,
which acquaints contractors
with the information they may
be asked to provide by a surety
bond producer. In fact, an NASBP
online
Upon completion of SuretyLearn's
"Understanding
course
Contract Surety Bonding: An
Orientation Course for Small
Contractors," small and emerging
contractors will have:
* a basic understanding of the three
main contract surety bonds: bid
bonds, performance bonds and
payment bonds
* a basic understanding of the surety's
prequalification process-how a
small contractor becomes bondable
* information about the four professional
service providers critical to
a small contractor's success: the
surety bond producer, construction
accountant, banker and construction
attorney
* an overview of the traditional construction
procurement process
* a basic understanding of the roles of
the main parties involved in the construction
process: the owner, design
professional (architect or engineer),
contractor and subcontractors
* an awareness of the resources
available to small contractors to
assist them with obtaining advice
on business growth, obtaining
bonds and obtaining loans
* a basic understanding of the bond
claims process.
bond producer may provide this
form to the contractor during an
intake interview.
* A professional service provider
worksheet, which helps a contractor
assemble the full contact
information of professional service
providers who are critical to
the success of the contractor's
construction business.
Key Websites and Directories
The website offers links to key government
sites, such as the U.S. Small
Business Administration; websites of
key government regulations, such as
the Federal Acquisition regulation;
and searchable directories of service
providers for contractors, such as
the NASBP bond producers, NASBP
continued on page 37
NatioNal assoCiatioN of surety BoNd ProduCers | WWW.NASBP.orG 13
http://www.SUrETYLEArN.Org http://www.Suretylearn.org http://www.Suretylearn.org http://WWW.NASBP.orG

Surety Bond Quarterly - Fall 2014

Table of Contents for the Digital Edition of Surety Bond Quarterly - Fall 2014

2014-2015 NASBP Executive Committee
NASBP Upcoming Meetings and Workshops
From the CEO: Successful construction relationships require the right relationship
Practical Insights: What you need to know - bond and lien notice pitfalls
SuretyLearn.org: An invaluable resource
Advocacy update
Nov. 12-3 Conference addresses the twists and turns of best value selection - and other timely topics
Surety Bond Guarantee Program changes for the better
Front Line Underwriting: Choosing a quality construction CPA
Getting in the weeds: Requirements of marijuana surety bonds
Encrypting email
It’s Finally Here: The new revenue recognition standard
CPAs standing in the GAAP
Resource Directory
Index to Advertisers
Surety Bond Quarterly - Fall 2014 - cover1
Surety Bond Quarterly - Fall 2014 - cover2
Surety Bond Quarterly - Fall 2014 - 3
Surety Bond Quarterly - Fall 2014 - 4
Surety Bond Quarterly - Fall 2014 - 5
Surety Bond Quarterly - Fall 2014 - 6
Surety Bond Quarterly - Fall 2014 - NASBP Upcoming Meetings and Workshops
Surety Bond Quarterly - Fall 2014 - From the CEO: Successful construction relationships require the right relationship
Surety Bond Quarterly - Fall 2014 - 9
Surety Bond Quarterly - Fall 2014 - Practical Insights: What you need to know - bond and lien notice pitfalls
Surety Bond Quarterly - Fall 2014 - 11
Surety Bond Quarterly - Fall 2014 - SuretyLearn.org: An invaluable resource
Surety Bond Quarterly - Fall 2014 - 13
Surety Bond Quarterly - Fall 2014 - Advocacy update
Surety Bond Quarterly - Fall 2014 - 15
Surety Bond Quarterly - Fall 2014 - Nov. 12-3 Conference addresses the twists and turns of best value selection - and other timely topics
Surety Bond Quarterly - Fall 2014 - 17
Surety Bond Quarterly - Fall 2014 - Surety Bond Guarantee Program changes for the better
Surety Bond Quarterly - Fall 2014 - 19
Surety Bond Quarterly - Fall 2014 - 20
Surety Bond Quarterly - Fall 2014 - 21
Surety Bond Quarterly - Fall 2014 - Front Line Underwriting: Choosing a quality construction CPA
Surety Bond Quarterly - Fall 2014 - 23
Surety Bond Quarterly - Fall 2014 - 24
Surety Bond Quarterly - Fall 2014 - 25
Surety Bond Quarterly - Fall 2014 - Getting in the weeds: Requirements of marijuana surety bonds
Surety Bond Quarterly - Fall 2014 - 27
Surety Bond Quarterly - Fall 2014 - Encrypting email
Surety Bond Quarterly - Fall 2014 - 29
Surety Bond Quarterly - Fall 2014 - 30
Surety Bond Quarterly - Fall 2014 - 31
Surety Bond Quarterly - Fall 2014 - It’s Finally Here: The new revenue recognition standard
Surety Bond Quarterly - Fall 2014 - 33
Surety Bond Quarterly - Fall 2014 - CPAs standing in the GAAP
Surety Bond Quarterly - Fall 2014 - 35
Surety Bond Quarterly - Fall 2014 - 36
Surety Bond Quarterly - Fall 2014 - 37
Surety Bond Quarterly - Fall 2014 - 38
Surety Bond Quarterly - Fall 2014 - Resource Directory
Surety Bond Quarterly - Fall 2014 - 40
Surety Bond Quarterly - Fall 2014 - 41
Surety Bond Quarterly - Fall 2014 - 42
Surety Bond Quarterly - Fall 2014 - 43
Surety Bond Quarterly - Fall 2014 - 44
Surety Bond Quarterly - Fall 2014 - 45
Surety Bond Quarterly - Fall 2014 - 46
Surety Bond Quarterly - Fall 2014 - 47
Surety Bond Quarterly - Fall 2014 - 48
Surety Bond Quarterly - Fall 2014 - 49
Surety Bond Quarterly - Fall 2014 - 50
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Surety Bond Quarterly - Fall 2014 - 54
Surety Bond Quarterly - Fall 2014 - 55
Surety Bond Quarterly - Fall 2014 - 56
Surety Bond Quarterly - Fall 2014 - 57
Surety Bond Quarterly - Fall 2014 - Index to Advertisers
Surety Bond Quarterly - Fall 2014 - cover3
Surety Bond Quarterly - Fall 2014 - cover4
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