Equipment World Digital Magazine
Issue link: https://read.dmtmag.com/i/85671
reporter | by Equipment World staff Briefs JLG recognized in Popular Science Popular Science maga- zine has selected JLG Industries' 1500SJ boom lift for its Best of What's New 2011 list. One of 100 concepts recognized, the boom lift was featured in the engineering category. The 1500SJ is the fi rst straight boom lift that can take workers up to 150 feet, while r equiring only a weight permit for transport. Connection' tour kicks off The Road Connection, a yearlong nationwide initiative that show- cases the importance of quality roads through- out North America, is designed to bring atten- tion to the need for a new transportation bill. The tour's truck stops at trade shows, industry events and KPI-JCI and Astec Mobile Screens distributors, spreading the word through social media. For more information or to fi nd out when the truck will be near you, visit theroadconnection. org. Scan the tag below with your smartphone to see a video on road needs. 'The Road Don't get stuck on surety bonds O ne option for contractors searching for work is governmental jobs that typically require surety bonds. And all federal construction projects that exceed $100,000 require bonds. "Bonds are a form of guarantee that the job will be completed," says Robert Berman, CEO and co-founder of Ox Bonding. "It's a diffi cult process. It's no different than a small business going into a bank trying to get a credit line." Get the freemobile app at http:/ /gettag.mobi He encourages contractors to maintain adequate working capital, a good credit score and a list of positive references. "If someone has a problem getting bonded, it's usually because of poor credit, references and fi nancial statements." To prepare for the bonding process, he says they need to orga- nize all of their records and understand their business. Contractors should also show the surety provider information on their largest project. Enrolling in a surety program before a bond is needed is a good way to shorten the process when one is needed. General contractor Joe Bucci, of Bucci Associates in Glen Rock, New Jersey, learned this the hard way after an insurance company declined to bond his fi rm. "Without the bonding, you don't get the work," he says. He suggests going to a surety specialist, instead of an insurance provider. Being bondable sets contractors apart and means they have someone who's willing to stand behind them, says Susan Reich, vice president of Florida Surety Bonds. "It shows someone impartial has taken a look at a contractor's performance, credit, fi nancial statements and working capital and recommends them for a Defi nition: A surety bond is a contract between a contractor, their client (mainly govern- ment or public money projects) and the surety provider to ensure the contractor performs the work on time and according to the agreement. What's involved: General application, fi nancial statements, contractor's resume, credit scores, bond form Benefi ts: Meet requirements for public sector and avoid penalties and fi nes Challenges: Credit score and fi nancial statement approval Tips: Get organized, think about business, give good references, improve credit, talk to a bonding specialist specifi c project," Reich says. "Without the bonding, you don't get the work." Equipment can also affect a contractor's chances at getting bonded. "Some contractors just fi nanced too much equip- ment," Reich says, "and they haven't had enough work to pay for the machines." She says it is a balancing act between buying the equip- ment they need and having enough liquidity to pay their bills. "The key thing for small contractors is to pay their personal bills promptly," says Reich's husband Jeff, president of Florida Surety Bonds and member at large of the National Association of Surety Bond Producers. "They need to make sure their personal credit score is good." – Lauren Heartsill Dowdle EquipmentWorld.com | March 2012 13