Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Amy J who wrote (48635)	2/17/2006 9:15:25 AM
From: GraceZ	Read Replies (1) \| Respond to of 306849

The bond isn't to insure you against the contractor getting injured (that's what his workman's comp and your liability insurance is for) it it is to insure you against them not completing the job correctly or destroying the work that someone else has done or going broke while in the middle of your job, or leaving the subs he hires unpaid, etc. Large commercial jobs always involve bonded contractors because there are just so many things that can and do go wrong when you have multiple contractors working in the same space. You may have been lucky in that the unbonded contractors you hire have done what they said they would and the work was satisfactory.....but if you've ever had a contractor completely screw up a job, you'd see the value in hiring a bonded contractor. We spent seven months trying to get a concrete contractor to fix the deplorable job he did on some steps we had at a rental property. We were forced to go to the Maryland home improvement commission (they license home improvement contractors in Maryland and have a fund to pay out for screw ups) for redress and this meant that our poor tenants had to walk up a pile of ruble for all that time. It was a nightmare I never want to experience again. The thing is, the guy we hired would never have been able to get bonded in the first place, so if we had insisted in using a bonded contractor at least we would have avoided that jerk.