Archives for March 2015

Minnesota’s New “Responsible Contractor” Act

At the Contractor Seminar held in St. Cloud on January 20th, information on the new Minnesota "Responsible Contractor" Act was presented. As of January 1, 2015, any contractor bidding on public work in Minnesota must certify their compliance with this new law, Minnesota Statutes 16C.285. Historically, Minnesota let contracts to the "lowest, responsive and responsible bidder." "Low" equaled low price (an objective standard) "Responsive" equaled the bid responds to and does not materially … [Read more...]

Tips to Maintaining Good Surety Credit

One of the topics covered at the January 20th Contractor Seminar in St. Cloud was key elements to maintaining surety support. Goldleaf Surety Services' President Jack Anderson emphasized that the key element is communication. Surety companies do not like surprises when it comes to a company's financial picture. Some of the key items that companies need to communicate with their surety and their surety underwriter include: Change in Ownership Surety companies need a correct indemnity … [Read more...]