Business Operations: Bonding, Insurance & Financials
This session focuses on the following:
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.
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.
This workshop is held as part of a series of workshops for firms on the Olympic Peninsula. See full listing here:
