Utilizing Poor Processes and Procedures

Unwilling to accept business advice

Not having references in place

Uneducated on the types of bonds

Poorly maintaining surety credit in place

Lack of understanding of surety underwriting

Pursuing unusually different types of work

Pursuing unusually large project sizes

Pursing unusually high risk projects

Pursing work outside of your normal territory

Using a CPA lacking construction expertise

Not preparing monthly WIP schedules

Using the wrong kind of CPA Statement

Building backlog without considering overlaps

Pursuing more credit than is needed

Not meeting character expectations

Failing to be watchful of your personal credit

Assuming a marital partner doesn’t need to sign

Having partial owners unwilling to be guarantors

Lacking knowledge about alternative ways to obtain a bond

Not staying focused on what you do best

Underestimating capital needs

Failing to consider your resources on hand

Indulging in risky endeavors

I’ve conclude it is way to hard to get a bond

Ignoring the importance of controlling losses

Consistently losing money on jobs

Building up too much short term debt

Assuming there is no way out of a bonded job

Underestimating project size

Providing late financial information

Not investing in state-of-the-art software

Big net worth will get all the credit we need

Buying up inventory when not needed

Ignoring the need for a bank line

Being unprepared to justify a bid spread

Assuming a cancelled job cancels the bond

Thinking surety bonds are just like insurance

Indemnifying without knowing what it means