Excellent, very well defined. For years I was unable to understand this thing with such clearity. Thanks Sir
@MEPAcademy
2 жыл бұрын
Your Welcome
@bhaskarbasu3509
Ай бұрын
Awesome, full clarity...The pace of the narration was just apt for a novice to understand..Keep up the good work.
@MEPAcademy
Ай бұрын
Thanks, will do!
@user-it7yi8te1e
4 ай бұрын
Great video. I’d propose developing a presentation on steps general contractors should take prior to the subcontractor or owner reached out to surety. It’s no one’s desire to have general contractor’s personal assets be liquidated due to lack of performance or prompt payments.
@MEPAcademy
4 ай бұрын
Agreed. Thanks for the suggested video topic.
@kessabeans5723
9 ай бұрын
Crystal clear, very informative. Thank you!
@MEPAcademy
9 ай бұрын
Glad it was helpful! Thanks for watching.
@maychan32
3 жыл бұрын
Very clear! Thank you
@rexated5148
10 ай бұрын
I’m looking at court criminal bonds and this helps me translate the terms I to that domain.
@MEPAcademy
10 ай бұрын
Glad it was helpful. Thanks for watching.
@shafiuzzama4577
9 ай бұрын
Great explains
@MEPAcademy
9 ай бұрын
Glad you liked it. Thanks for watching.
@Roger-sn3pg
7 ай бұрын
It makes very difficult for a small company bid any government work 😞
@MEPAcademy
7 ай бұрын
Need to establish some credit some credit first.
@shielaneupane1299
3 жыл бұрын
Awesome 👍👍👍
@Widespreaddiscrimination7924
8 ай бұрын
Ok so how do I find the bonding company for a judge in state court?
@MEPAcademy
8 ай бұрын
You can google for a bonding company in your area.
@Widespreaddiscrimination7924
8 ай бұрын
@@MEPAcademy no, you know just like I do that each judge probably uses a different bonding company. Or the Minicipility as a whole probably uses one bonding company. Which is more than likely not available on google, and if it is, they have been lying because I called a bunch of them. However, public officers law 11 requires state officials to file their undertakings(legal obligations) with the comptroller’s office for approval who then files these undertakings with the county clerks office.
@Amazing77712
2 жыл бұрын
Excellent presentation
@MEPAcademy
Жыл бұрын
Glad you liked it
@adamhan4860
3 жыл бұрын
If the P&P bond are issued separately, will premium also be calculated once? The Surety may have to pay twice of the contract value
@MEPAcademy
3 жыл бұрын
The Performance and Payment bond when required are usually required together.
@adamhan4860
3 жыл бұрын
@@MEPAcademy Thank you! while I'm still wondering if Surety might be responsible for twice of the contract value - 100% penalty for performance bond, plus 100% penalty for payment bond.
@MEPAcademy
3 жыл бұрын
@@adamhan4860 The premium will be calculated based on what you're purchasing. If you're just purchasing a payment bond then the rate might be lower as the Surety is only responsible for the risk that you won't PAY your Workers or Suppliers. You will find that most contracts require a Performance & Payment bond together. The surety should never be held to twice the contract value as you're thinking. Remember the Performance bond will ensure that you complete your construction contract, and no smart owner or General Contractor is going to pay you for work you haven't completed, so the bond company is never going to be on the hook for 100% of the contract unless you don't perform at all, at which point there would be no risk on the Payment Bond portions. The Bond company should never be held to 100% of the Contract value for both the Performance & Payment bond.
@jmjaudio
2 жыл бұрын
So this what they use in the court room
@MEPAcademy
2 жыл бұрын
Nobody wants to end up in court, so it's important to play by the rules and understand the bonding requirements before submitting a bid. Good luck.
@zohrea4962
Жыл бұрын
where can I download these slides?
@MEPAcademy
Жыл бұрын
There are no downloadable slides, but you can share the link by clicking on the share button below the video.
@danielthuman2475
2 жыл бұрын
.7 of $100,000.00 is $7,000.
@MEPAcademy
2 жыл бұрын
Thanks Daniel. Should be $7 per Thousand. $100,000/$1,000 = 100 x $7 = $700 or a factor of 0.007. All you need to know is what does your bond company charge you and how do they figure the cost.
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