Any business that is serious about sustainability needs to look at its businesses. Creating a more energy efficient building is key to fighting climate change.
Around 40% of all carbon emissions are caused by buildings. Companies that develop more energy efficient buildings can do their part to slow the progression of climate change.
Unfortunately, a commitment to creating environmentally friendly buildings isn’t enough. You also need to make sure that the right contractors are on your side. It is important to make sure that the contractors are properly bonded and trained.
Some Green Contractors Demonstrate a Stronger Commitment to Professionalism
Hiring a green contractor to handle projects for your company is a smart move. They are more committed to sustainability, which will help you establish your company as a green brand.
However, some contractors don’t demonstrate the same level of professionalism as others. Construction Dive points out that some contractors have a much better track record for sustainability than others. Turner Corp has generated $5.5 billion working on green projects, because it is well known for sustainability. Clark Construction comes in a close second, with $4 billion. Other contractors barely thrive at all.
You need to know which contractors have the best record for working on green projects. It is also important to search for a green contractor with a surety bond. Amidst all the talents available, there’re many who lack the professionalism to deliver on their promise. So, what is the best thing for someone hoping for good results? Hire a contractor who can stick to the agreement knowing the costs of deviating. In this case, a bonded contractor is the only person who’ll handle your projects without compromising on quality. The contractor will know that any actions that cause damages will fall back to him/her.
A contractor license bond is another form of surety bond which involves three parties in a green building contract. The state agency, the surety company who issued the bond and the contractor who bought it. This bond serves as liability protection in a case where the contractor abandons the project in the contract. The parties who suffered damages due to the unethical action can demand financial recompense against the bond. One good reason to get the surety bond is that it indicates that your contractor is a professional who takes his job seriously.
This type of surety bond protects some parties in the contract. The irony here is that it does not protect the contractor. However, it serves as a protective cover for other parties who will suffer damages due to the contractor’s negligence. For instance:
- It protects the homeowner who may suffer the mistakes of the contractor.
- Also, it ensures that the contractor abides by the regulations of the State wherein he/she is working
- Finally, the company who hired the contractor can also benefit because it cannot pay for the mistakes of the contractor in a construction site.
How does it Work
Once a green contractor buys this surety bond, he has entered a three-party agreement. If the contractor didn’t complete the work or didn’t handle it in a professional or ethical way, the Obligee will make claims on the bond.
There is also the agency who issued the bond to your contractor. Their part in this relationship is that they are saying that the contractor can pay them if any claim arises. If on the course of handling a project, a claim occurs, the bond will protect the homeowner or the Obligee.
For instance, if a sustainable contractor does a bad job and disappear, any of the parties affected by his actions can file a claim against the bond. Once the investigations confirm that such a case happened, the surety company will assist the party financially. This way, the contractor will bear the cost of the damages he caused.
Is Surety Bond a Necessity?
We can’t begin to fully explain the importance of a surety bond when creating a sustainable building. However, one thing you must remember is that it is important for every contractor. It is an asset to every business owner because it will tell others that you’re serious with your work. Moreover, a surety bond is a kind of flag which assures your clients that they can trust you. It encourages them to do business with you knowing that they can reclaim their investment if anything goes wrong.
Also, it is one of the requirements which a contractor must meet before he/she can get a license. Finally, it helps to showcase your company as ethical, responsible and committed. We all know that this will boost your visibility and brand patronage.
Surety Bonds Are Essential for Any Sustainable Contractor
Don’t hire a green contractor without a surety bond. No matter how skilled or committed he/she seems to be, mistakes are inevitable. If you want your company to be at the forefront of the construction industry, show your clients that you mean business. The simplest way to do it is by ensuring that your contractor abides by the rules and upholds your principles. Also, if you don’t want to exceed your budget for a particular contract, protect your company from claims. The cost of hiring a contractor without a contractor bond can be costlier than hiring one who has it. Note, the requirements for getting a surety bond differs from one state to another. Also, the bond is different from a license.
Make sure you’re aware of all that’s going on before choosing a sustainable contractor.
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