By: Todd Feuerman
For many contractors — whether they perform on construction projects for private companies or local, state or federal agencies — bonding lines can be their lifeblood. A contractor’s ability to develop and maintain a strong relationship with a surety may be critical to whether the contractor will grow and develop or wither and expire. It’s important for contractors to have a clear understanding of exactly how a surety evaluates a construction firm for surety credit, what information the underwriters need and how to communicate both positive and negative company and job information. Having this level of understanding will help mitigate a construction firm’s risk for compromising the relationship with a surety firm and ultimately, impact operations.
In the November 3, 2017, E-Newsletter from Construction Executive Risk Management, Todd Feuerman, a Director in the firm’s Audit, Accounting and Consulting Department and chairman of the firm’s construction services group, walks through the importance of communicating with surety and how it can impact the operations of a contractor.
To read the rest of this article, please visit Talking the Talk: How Contractors Should Communicate with the Surety on Construction Executive’s website.
TODD A. FEUERMAN, CPA, MBA, CCA, is a director in the Audit, Accounting and Consulting Department of Ellin & Tucker in Baltimore, MD, where he oversees audit, accounting, consulting and tax services for general contractors, specialty subcontracting and government contracting firms. Todd serves as chairman of the firm’s construction services group. He received his BS in Accounting from Towson University and MBA in Finance from University of Baltimore’s Merrick School of Business. Todd can be reached at 410-727-5735 (ext. 3066) or email@example.com.