Archive for March, 2016
Bid bonds are important as they act as proof of guarantee to project owners. They show that a contractor can comply with the bid contract and act as proof that they can complete the job as stipulated in the contract. These bonds are a guarantee that you provide to project owners stating that you have the capability to take on a project and implement it once the project owner has selected you during the bidding process.
Often, project owners don’t know if the contractor has all the necessary resources to take up a project or if he or she is financially stable. However, with a bid bond in place, they can feel more comfortable when awarding a project to contractors knowing that if a contractor fails to deliver, they can get compensation from the bond.
What Happens When A Bond Obligation Isn’t Met?
If bond obligations aren’t met, the surety, and the principal – referring to the contractor – are held liable for the bond both jointly and severally. Often, there are some penalties that will take effect when the contractor fails to fully comply with the obligations stipulated in the bond. Both the surety and principal will be held liable for any additional costs the project owner incurs when selecting and awarding a different contractor. Normally, this is the difference in dollars between the lowest bid and the second lowest bid. The standard penal sum of most bonds is often 10 to 20% of the total bid amount.
Asking for bid bonds helps project owners sift serious contenders from jokers as it makes it hard for contractors to submit frivolous bids as they would be required to get the work done, or pay for bond premiums. At the same time, companies that issue bonds perform comprehensive financial and credit reviews before providing bonds to a company.
When bidding, most contractors will estimate what a job will cost them to complete. They then submit this cost to the project owner in the form of a bid. This means that the company providing bond will have to pay the project owner the difference between the lowest bid and the next lowest bid. There are times when bonding companies may sue contractors who defaulted to recover these costs. However, the possibility of a lawsuit is usually determined by the terms of the bond itself.
The Miller Act stipulates that all federal project bidders should submit a bid bond before bidding for any project task. Since this is one of the most effective ways to ensure that you get serious people working on a project, many private companies have opted to copy this approach to protect themselves from risks during the bidding process.
As a contractor in the construction industry, it is extremely important that you get surety bonds if you want to be more competitive. In some localities, surety bonds are required for you to obtain permits and licenses. Similarly, almost all developers and project owners will require that contractors submit bid bonds before they can bid on their projects.
There are times during a students educational journey when certain classes can seem to get the best of the student. One of those classes many times is math class, as it is really, many times, coming at the student from a different direction than he or she is used to.
The terms and nomenclature of math is different than the everyday life of the student, and this may be a first encounter with a new, and strange subject with as much detail as a math class can entail.
In cases such as this, it is not unusual for the parents of a student in this kind of situation to hire a math tutor to help the student with one-on-one instruction. This can be an excellent way to “get over the hump” so to speak and gain understanding in a better way than is possible in a classroom setting with other students.
A good tutor in math will have a full grasp of the subject matter, yet what is more important is that the tutor will be fully capable of getting the concepts of whatever stage your student across to him or her.
A tutor has to have very good skills in communication as well as an empathy that has no limits. Students who cannot grasp a concept will have more difficulty than most, because nothing will make any sense at all to the student until he or she understands the concept.
Then too, with math there are a lot of procedural steps to problems, where if the student can learn the steps the problems can be solved by simply memorizing the steps.
For example, Algebra is all about solving for unknowns, and if the student learns the processes that it takes to find the solution for the problem, then the rest is made much easier. Algebra is one of the basic forms of math that is used a lot in computer programming, as there is a lot of variables that have to get solved before a program can move on in a sequence.
Each student will have different needs and different ways that they learn. A good tutor must be able to find out how the student learns best, and then gravitate the teaching so that it accommodates the learning method that the student uses the best.
It has been said that the best learning occurs when visual, audible and tactile forms are all combined into one grouping. For example if the person is a visual learner, he or she will respond best when it is “seen” by the way of an illustration step-by-step, or a picture.
If that can be combined along with audio, or an audible explanation, the audio will enhance the video. So a math tutor would illustrate the working of a problem with an audio explanation as the problem unfolds.
Math is like music in that it can also be learned well when it is practiced over and over. So the tutor will have the student do just that with problems until mastery is the result. It is easier to help a student in this way on an individual basis, thus the advantage to tutoring.