Page 10 - West Virgina 811 Magazine 2018 Issue 4

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tyou ate gtnng in he ltttldtng on a Contractor has succeastttlly completetl tt tteqttently; yuu must have done
"public tolt" — whete tlte ownet ts smallet banded ptpjecta, $500,000 pmjecta of thts type and stze
ad tcnun talaIEtElC— Du ow 0! E53, E(Dl'n an WI DD mom succesau 2Dre—i.\n nave ll; cm
‘(y y kn 1 th p y lll k fllybi dp ’ y
they will lae teqtnnng a bond tn fnvnrably on his $lmil appltcatton must have assets — ptetetahly ltqutd, in

the amount at the jab. Thtsptotects the unless you have a vtsthle track tecoml, Excess ofthe bond amount. laeeattse, IF

enttty tmm havtng tn te-latd tlte job tn tt wttn't happen. the bond ts cletaulted, ynu ate gotng to

case tlte winner ngutes out he did the . . u ,, have to cetmlnttse the band company

matlt all wnmg, and walks off tlte jab wt" “IP19? _“°" (“'2 M": ‘_’}‘f bf?‘ ‘ ’ tot the tttll amuunl they have hatl to

about halfway thcough. "ntat bond has ‘” '9“ Y " 1”” “ ""“Y °:‘ ,f’‘’’ E ,, expend Dn yout beh2lli— and yulx have

to expand tn whatevet changes ate put ;‘l“‘ f.}‘“_j;‘1“‘1:.‘§‘‘;1’ '5 b““‘“‘:‘;’‘“' In have tt tn be able to cepay it, right?

thmugh So, abondiDr$1milliun can b “C: STA“; :1 ' ' _ff°““ E‘ m‘ OR have someone co-sign whn can

eastly ltecomealnaneltotsz milllon. "“ ‘H m‘ "“ ‘” “?f ’“'__¥ 1“ d help payil. Bands ace the unly thtng

"’.“Y‘ “°“”““.""’°“““°"“ ““ thatmakesttpossthletotconttactptstp

Ouch! wtns the lttel, that latol bond converts grow mm ll“ large! (mm Pwfimbm

Yes, it's ceally bad when that mlllion ‘°r:$:f;‘§:“Lf:E‘:‘“C';:!‘°:dW}“f“}‘}‘E“is ml tolts

dullnrbund expands in $2 mil, then ‘_’ _ ’ 5‘ ‘ . ._

. sttccesstttl, nu hatm, no tttttl 7 thete IS lnsutance ts eltttetent altogethet. Yuu
°°’““‘h‘“5 5°“ h‘V""’° “"d “'2 no aha e tot the but band Acontmct don't ce a the tnstttance cum 1n tta
cpnttacttatcannothntsh aspzomised. '5 _ __ ’ . . . P V _ . ._P‘ Y

. . bond genetally costs spmethtng tn the clatm happens. lt z bulldlng ta 3 ttttal
The ""““ ‘°"‘1’““Y‘° '“*"P°“"“"°‘°‘l“ net hlmthpttel DEW tat the tab nce if loss flom ate lo!n'Idu etc re a ment
V95’ The ""“d “’“‘P“"Y }‘“*"‘° “°"" new>Y>vvlIh>m: be one DI’ twu smallen iII.§ul’anEq€ a stottt Youtilateswtll
htce annlhez conttactot to complete b _ Y . ’ P Y’ ' ,
. . tmdeel tabs of $100,000 ot so, the probably go up, but yuu don t tepay
‘h""P""“°‘“‘*”""“”““”I"}‘"“ bondcom an —!FIhe atewtlltn In an than
“V ‘”"’“d’“ ""“Y ““ b°““ °‘““P““Y issue a bcufd at all — willyéhazge mtati y 8
—uLh2rwise knnwn as the sucety — Thy “fish “M mum mum”! the only thtngs msumnce and sutety
thoroughly examtnes all appltcants fur (Wm H mmgggz D“ yum house!) M have in common is that they ate
bands? Em Hnlmvmble Lgmofcmm conttacts, they chatgeaptemtttm
Thmmh . ._ 1 _ _. '3 ‘:1 L}. b d . and they tesponol tt samethtng bad
. . ytttsamosttmpttsstlaletat paya am e Dn company tn case h _ _ .
appens. That mtgltt sotmcl ltke the
a new tontmclnr to get banded an a of default . .
. . . satnetlttng but,tzustme,tttsnnt. W
$lmtl toh t-tght uul of the gate. If that Yam (mm must be almm Pmm
E , Mwgmm 201mm‘ and the band Company will check