HB 83 reintroduces a state bond guarantee program bill that died for lack of funding last year. HB 83 would create the Surety Bond Guarantee Fund Program. The program would serve to enable disadvantaged businesses to bid competitively for certain Commonwealth contracts. The Surety Bond Guarantee Fund (Fund) would provide guarantees up to $1 million […]
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New legislation would reduce the license bond required for used motor vehicle dealers from $50,000 to $20,000.
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New legislation was recently introduced that would require debt collection agencies to be licensed and post a surety bond, contract of indemnity, or an irrevocable letter of credit that must be payable to the people of New York. The bond amount would be based on the number of persons employed by the licensee. A $10,000
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Last month, the Government Management, Organization and Procurement Subcommittee of the U.S. House Committee on Oversight and Government Reform held a hearing on minority contracting issues. The Subcommittee discussed existing federal programs for minority-owned business enterprises (MBE) and disadvantaged business enterprises (DBE), as well as the challenges that these businesses have faced. The testimony featured
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The long anticipated and landmark Small Business Act was recently passed, which authorizes federal contracting officers to specifically limit, or set aside opportunities for women-owned small businesses (WOSBs) or economically disadvantaged women-owned small businesses (EDWOSBs). Although the Small Business Administration has issued a final rule on the WOSB program, it will not be effective for
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Governor Rendell signed a law on October 8, 2008 amending the Auctioneer and Auction Licensing Act to include the Trading Assistant Registration Act. This law went into effect December 8, 2008. Anyone selling personal property on behalf of others as a Trading Assistant or Consignment Broker on ebay or any other online internet bidding platform
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The Owner Prequalifed You…Did You Prequalify the Subcontractors? Good question. The answer could mean the difference between a job well done and a job done well over budget. A well thought out policy for bonding subcontractors provides the general contractor with many benefits, including the prequalification services of the surety; the effects of indemnity; a
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President Obama’s Economic Stimulus Plan is bringing billions of dollars to government agencies for spending, along with surety bonding assistance to enhance contractor’s bidding capacity. In addition, the limit on the US Small Business Administration’s (SBA) surety bond guarantee has increased from $2 million to $5 million under the Economic Stimulus Plan, and can be
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