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ITD co-sponsors seminar on construction bonding

To protect Idaho citizens and safeguard taxpayer funds, no public construction project takes place without surety bonding and insurance for contractors.

ITD and the U.S. Small Business Administration will sponsor a free seminar about construction bonding and insurance Tuesday (Oct. 4) from 5 p.m. to 6 p.m. at the Boise District Office of the Small Business Administration, located at 380 E. Parkcenter Blvd., Suite 330. The seminar is sponsored by ITD’s Disadvantaged Business Enterprise (DBE) Program Supportive Services.
The program will be broadcast via the World Wide Web. Log onto www.readytalk.com and enter access code 3108702. For audio only, call 1-866-740-1260.

A surety bond is a transfer of risk from one party to the other that provides financial security and construction assurance to project owners. The insurer pledges that contractors will perform the work needed and pay the specified subcontractors, laborers and material suppliers.

The three basic types of contract surety bonds are bid, performance and payment.

Presenter Mark Richardson, with Pinnacle Surety & Insurance Services, will talk about the importance of surety bonds in construction. He will also discuss the importance of pre-qualification and what a surety bond provider looks for in a contractor.
Richardson will also discuss include the professional support teams most construction contractors need, building strong relationships with a surety bond provider and strategies to leverage long-term bonding and insurance programs to meet company goals.

Richardson has worked at Pinnacle since 1995. Prior to that he gained knowledge of equipment leasing and finance, mortgage banking and brokerage, land development and the acquisition of shopping centers.

For more information about the course, call ITD's DBE Support Services Coordinator, Liz Healas, at (208) 334-8567 or email her at elizabeth.healas@itd.idaho.gov. A registration flier can be downloaded at www.itd.idaho.gov/civil/pdf/bonding.pdf.