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*REGISTER TODAY FOR DBE BONDING EDUCATION PROGRAM!*
As part of NDOT’s multi-faceted approach to increase opportunities and success for DBEs, we are proud to partner in the Bonding Education Program. This is the first in a series of 5 workshops to be held at the Urban Chamber beginning March 7, 2013 and continuting on March 14, 21, 28, and April 4, 2013 from 4:00 pm - 7:00 pm.
For more information and to register:
- Bonding Education Program Description (.pdf 82 KB)
- Bonding Education Program Registration Form (.pdf 64 KB)
Please RSVP your attendance and send your completed application to firstname.lastname@example.org.
All workshops will be at the same place and time. Upon conclusion of the series, DBEs should be ready to obtain bonding from one our Surety partners.
PLEASE NOTE: you must attend all 5 sessions to receive bonding assistance. So make sure you will be able to commit to the full series. A description of the workshops follows below:
This workshop focuses on what surety bonds are and the various types of surety bonds, how to begin the process of obtaining a bond, the role of the agent/producer and underwriter, the prequalification process, the 3 “C’s” – capital, capacity and character, the costs of bonding, and how to develop a surety bond relationship. On the insurance side, the workshop covers the various types of insurances required (commercial general liability, Workers Compensation, etc.) and what to look for in an insurance agent relationship. The workshop also covers such programs as the SBA Bond Guarantee and Loan Programs, relevant state bond guarantee and loan programs, and any local bonding or financial support programs that might be available for emerging contractors.
- Bonding and Insurance for New and Emerging Contractors
- Business Planning, Management and Marketing for Construction This workshop focuses on such areas as assessing or reassessing the legal form of the company, developing a succession/business continuation plan, managing/controlling growth and assembling a business team. Areas covered include legal and corporate structures, certifications/licenses/permitting, establishing goals and objectives under a business plan, and issues related to company management, policies and procedures, and staffing. The marketing portion of this workshop focuses on such areas as identifying core company capabilities and determining company capacity, developing a marketing plan, identifying targets of opportunity, and making sales calls and visits. The team-building portion of the workshop describes the importance of choosing the right construction lawyer, accountant, banker, insurance agent and producer; how to identify them; why they are important; what role these individuals would play and how they interrelate, what they would expect from the contractor, and how their involvement contributes to overall business success.
- Construction Accounting and Financial Management This workshop focuses on basic construction accounting concepts and will provide an overview – from job costing to financial reporting – as well as construction-specific practices that introduce the contractors to construction accounting fundamentals. These fundamentals include: debits and credits and how they work, accounting for job cost, work-in-progress (WIP) schedules, percentage-of-completion revenue recognition, and developing financial statements.
- Banking and Financing for Contractors This workshop addresses the need for capital equipment financing, how to determine working capital requirements, the use of lines of credit and establishing a banking relationship.
- Estimating and Bidding This workshop covers methods of computing measurements, including off-the-shelf estimating software, metric conversions and essential mathematical formulas for estimating and planning construction projects, and preparation of bid documents.
- Project Management and Field Operations This workshop focuses on project-specific activities, including hands-on advice at the job site. The workshop covers such topics as plan reading, estimating and bidding, types of contracts (lump sum, cost plus fee, etc.), common contract forms, project planning methods, job costing and scheduling, management of subcontractors, the proper expedition of change orders, and measuring project performance. On the field operations side, the workshop covers setting up the job site and on-going job site operations.
- Legal Issues, Claims and Dispute Resolution This module focuses on construction contracts, mechanic’s liens, the claims process under Miller Act payment bonds, the various mediation services and approaches available to a contractor in a dispute, the arbitration provision in standard form construction contracts and what it means, and when and under what circumstances does one consider litigation.
- Managing Growth - Why Some Contractors Succeed and Others Fail This workshop identifies the most common reasons why contractors, especially small contractors, fail. The workshop also provides suggestions and approaches as to how to avoid these situations and the various management approaches and techniques that help to ensure contractor success. In conducting this workshop, the instructor will present “real world” examples of contractors who have succeeded, what pitfalls they were able to avoid and how.
- Conclusion of Workshop Component and Opportunity Networking This workshop represents the conclusion of the educational component of the program and focuses on solidifying the bondability of the contractor and exploiting contracting opportunities through contacts and networking.
The workshops are followed by The Bond Readiness Component, which consists of one-on-one interactions with surety bond producers, underwriters and other professionals who work with the contractors on a case-by-case basis in assembling the materials necessary for a complete bond application and in addressing any omissions and/or deficiencies that might deter the successful underwriting of a bond.