Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license.

A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of “good faith money”, intended to secure a futures contract, commonly known as margin.

A job requiring a payment and performance bond will usually require a bid bond, to bid the job. When the job is awarded to the winning bid, a payment and performance bond will then be required as a security to the job completion. For example, a contractor may cause a performance bond to be issued in favor of a client for whom the contractor is constructing a building. If the contractor fails to construct the building according to the specifications laid out by the contract (most often due to the bankruptcy of the contractor), the client is guaranteed compensation for any monetary loss up to the amount of the performance bond.

Performance bonds are commonly used in the construction and development of real property, where an owner or investor may require the developer to assure that contractors or project managers procure such bonds in order to guarantee that the value of the work will not be lost in the case of an unfortunate event (such as insolvency of the contractor). In other cases, a performance bond may be requested to be issued in other large contracts besides civil construction projects. Another example of this use is in commodity contracts where the seller is asked to provide a Bond to reassure the buyer that if the commodity being sold is not in fact delivered (for whatever reason) the buyer will at least receive compensation for his lost costs.

Performance bonds are generally issued as part of a ‘Performance and Payment Bond’, where a Payment Bond guarantees that the contractor will pay the labour and material costs they are obliged to.

Surety Bond Companies calculate the premium they charge for surety bonds based on three primary criteria: 1) Bond Type 2) Bond Amount 3) the Applicants Risk. Once the bond type, amount, and applicant risk are adequately assessed, a surety bond underwriter is able to assign an appropriate surety bond price.

Surety Bond Companies have actuarial information on the lifetime claims history for each bond type. Over time, surety bond underwriters are able to determine that some surety bonds are more risky than others. For example, A California Motor Vehicle Dealer bond has significantly more claims than a straightforward notary bond. If a given surety bond type has paid out a high percentage of claims, then the premium amount paid by applicants will be higher.

Surety Bond companies attempt to predict the risk that an applicant represents. Those who are perceived to be a higher risk will pay a higher surety bond premium. Since Surety bond companies are providing a financial guarantee on the future work performance of those who are bonded, they must have a clear picture of the individuals history.

In the United States, under the Miller Act of 1932, all Construction Contracts issued by the Federal Government must be backed by Performance and Payment Bonds. States have enacted what is referred to as “Little Miller Act” statutes requiring Performance and Payment bonds on State Funded projects as well.

There are over 25,000 types of Surety Bonds in the United States. Each bond has a designated bond amount. Surety Bond companies will determine bond rate based on risk and then charge a surety bond premium in the range 1-15% of the bond amount.


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Link-Belt 700 X2 excavator

Link-Belt 700 X2 excavator

At 153,442 lbs the Link-Belt 700 X2 is suited for heavy-duty excavation work.

Posted by Amy Maddox on 2010-01-14 14:06:23

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Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license.

Chief information officer (CIO), chief digital information officer (CDIO) or information technology (IT) director, is a job title commonly given to the most senior executive in an enterprise responsible for the information technology and computer systems that support enterprise goals. Generally, the CIO reports to the chief executive officer, chief operating officer or chief financial officer. In military organizations, they report to the commanding officer. The Chief Information Officer role was first defined in 1981 by William R. Synnott, former Senior Vice President of the Bank of Boston, and William H. Gruber, former professor at the MIT Sloan School of Management.

CIOs or CDIOs form a key part of any business that utilizes technology and data. In recent times, it has been identified that an understanding of just business or just IT is not sufficient. CIOs are needed for the management of IT resources as well as the “planning of ICT including policy and practice development, planning, budgeting, resourcing and training”. In addition to this, CIOs are becoming increasingly important in calculating how to increase profits via the use of ICT frameworks, as well as the vital role of reducing expenditure and limiting damage by setting up controls and planning for possible disasters. Computer Weekly magazine highlights that “53% of IT leaders report a shortage of people with high-level personal skills” in the workplace. In this way, CIOs are needed to decrease the gulf between roles carried out by both IT professionals and non-IT professionals in businesses in order to set up effective and working relationships.

The Chief Information Officer of an organization is responsible for a number of roles. First and most importantly, the CIO must fulfill the role of business leader. As a CIO must make executive decisions regarding things such as the purchase of IT equipment from suppliers or the creation of new systems, they are therefore responsible for leading and directing the workforce of their specific organization. In addition, the CIO is ‘required to have strong organizational skills’. This is particularly relevant for a Chief Information Officer of an organization who must balance roles in order to gain a competitive advantage and keep the best interests of the organization’s employees. CIOs also have the responsibility of recruiting, so it is important that they take on the best employees to complete the jobs the company needs fulfilling.

In addition, CIOs are directly required to map out both the ICT strategy and ICT policy of an organization. The ICT strategy covers future proofing, procurement, and the external and internal standards laid out by an organization. Similarly, the CIO must write up the ICT policy, detailing how ICT is utilized and applied. Both are needed for the protection of the organization in the short and long term and the process of strategizing for the future. Paul Burfitt, former CIO of AstraZeneca, also outlines the CIO’s role of IT governance, which he refers to as the “clarifying” of “accountability and the role of committees”.

As the CIO has a large number of responsibilities such as provision of finance, recruitment of professionals and development of policy and strategy, the risks are consequently vast. The CIO of U.S company Target was forced into resignation in 2014 after the theft of 40 million credit card details and 70 million customer details by hackers. CIOs carry out a large number of roles and therefore the chance of failure is very high. In this way, any CIO must be knowledgeable about the industry so they can adapt and reduce the chance of error.

Information technology and its systems have become so important that the CIO has come to be viewed in many organizations as a key contributor in formulating strategic goals for an organization. The prominence of the CIO position has greatly risen as information, and the information technology that drives it, has become an increasingly important part of the modern organization.


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How to Get the Best Purchase Price on Any Car EVERYTIME– No BS!!!!!!!!!!!!

This is one of the best negotiation strategies to buy a new vehicle every time. Plus you will save yourself the hassle of dealing with a car salesperson face to face. At times the dealer / auto broker will go below invoice as well.
One thing I forgot to mention in this video is that when that same Toyota dealership that originally offered my sister $322 per month and then went down to $268 per month (sorry in the video I said $222 to $168) when i got involved they said they could not honor that price cause my sisters credit score was shot. No problem… I co-signed for her and she left the dealership within an hour with her new car!

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Shenzhen, China 2007

Shenzhen, China 2007

Posted by NomadicMN on 2010-04-28 00:51:30

Tagged: , construction

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For the best in Construction Equipment Rental, Sales, Parts and Service in Westchester and Orange counties New York and Hartford County Connecticut there is only one destination : Pine Bush Equipment. With locations in Pine Bush NY, Holmes NY and Newington CT, Pine Bush Equipment offers everything in Construction Equipment from hards hats and shovels to heavy Excavators, Bulldozers and Backhoes.
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Pine Bush Equipment offers light equipment as well as heavy equipment, sales, parts, service, and rentals. We offer everything a contractor or an excavation company could possibly need to do their job. We have from a pick and shovel to a PC490, 110,000-pound excavators. We’re a one-stop shop. We have the main store here in Pine Bush. We have another store in Holmes, New York, and we have a full service location in Newington, Connecticut. Pine Bush Equipment, your source for construction equipment. Give us a call at 845-744-2006, or click on the link below to learn more. Pine Bush Equipment, bringing people and equipment together.

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