What is the Purpose of Bid Bonds?

What is the Purpose of Bid Bonds?

Purpose of Bid Bonds?
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A bid bond is a secured document signed by a bidder for a construction work or alike jobs for the purpose of extending a guarantee to the project owner that the former will undertake the task on the job if chosen.

Everyone used to follow it as it is the easiest process. With an advent of technology, nowadays it goes digital or electronic. The exciting world of bid bonds allows the users to grab an opportunity to work on public jobs.

These are issued in the amount mentioned prior in the bid invitation. As the general specifications, a security equals to 10% to 20% of the bid amount is charged. And some contractors charge a pre-decided (fixed) value, regardless of the proposal amount.

No, the candidates are not required to show the same amount of cash to qualify for the bond. The selection is based on the total financial picture.

If you turn out to be a second or third bidder, your security is held till the contract is awarded so as the selected candidate has the option to transfer you the project as and when required or wished.

These instruments come with a contractor’s proposal at an acquisition time of a new project. It is a routine task on public work, such as local municipal contracts or federal state jobs. The process may also be used on private platforms at the discretion of contract proprietor.

The bond serves a guarantee that if awarded, the bidder will agree to the contract, and provides the required payment and performance bonds to commence with the work. The cost is usually free, but the surety is to be charged for them. The normal charges could be an annual bid bond service fee.

In case the bidder is not up to the desired mark as compared to next bidder or without a credible explanation, the surety can decline the final bond at any time resulting in a bid bond claim.

Apart from a bid bond, a bidder needs to present the security in the form of cashier’s check or irrevocable letter of credit, depending on the will of the project owner. The invitation defines the requirement of the proposals.

So here you have everything about the bid bonds. Let’s make it work great again. These instruments are a bit complex, but if executed properly and filed on time could be really helpful.

The crucial point is to review the written bonding requirements as discussed in the bid advertisement. Use the stipulated terms and crosscheck the document comprising the name, job description, project protocols and the right bid amount.

You’ll start loving bid bonds once you’re aware of each and every term related to it. For more information and expert advice, click here.

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10 Reasons Teachers Should Be Proud Of Their Job

This is how to respond to that question "Why Would You Want to Be a Teacher?"
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Any Education major could tell you that we are faced with degrading comments on a daily basis, comments such as “Wow I’m jealous your classes must be so easy,” “So you’re basically going to be a babysitter?” “But you’re so smart..,” and the typical “so you’re okay with being poor?”

Although the people making these arrogant comments mean absolutely no harm, It doesn’t make the comments any less annoying or just plain rude. I’m tired of defending my career choice, so instead of being on the defensive I’ll share all of the amazing reasons why I want to be a teacher.

  1. I can think of few other positions that allow you the opportunity to make a difference in the world on such a daily basis.
  2. Children are the future, as simple as that. Teachers can positively affect the future by inspiring children and fostering their intelligence and individual traits.
  3. I enjoy being with kids; I’m good at working with kids, and I learn a lot from kids.
  4. Being surrounded by children all day will grant me the gift of never taking myself too seriously, and will allow me to forever be a kid at heart!
  5. Multiple teachers have told me that it is awe-inspiring to witness a student’s “light-bulb moments”, the moments when they finally understand a lesson or concept.
  6. There will never be a dull moment, and every day will bring its own triumphs and failures.
  7. The humor: I work at a school Aftercare and everyday I leave with multiple stories of the hilarious things that happened that day.
  8. When I have my own family one day, I will be able to have a job and also have time with my kids.
  9. Being a teacher will allow me to further develop my virtues, such as patience and kindness.
  10. Teachers give back to the community on a daily basis.

Finally, in order to address the predictable “but you will be so poor” comment, I’ll borrow a line from the teacher Taylor Mali who, in answer to the question “what do you make?” responded, “I make a difference. What do you make?”

Cover Image Credit: socialmoms

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10 things no one tells you about taking an Online class

Online or on campus, school is still school.

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While school has been out for most people, it isn't for me. This summer I decided to take a couple of classes. Both of which involved class online. My first class was a hybrid class, meaning it was half in person and half online, and my second class is entirely online. I expected class online to be like the busy practice work we get from the access codes in our textbooks, and boy was a wrong.

So let me tell you what no one tell you about taking an online class.

1. You constantly have to check in with your professor and classmates.

While you don't see them in person, you are constantly writing and replying to discussion board posts.

2. It's so much harder to focus on the material.

Trying to focus on your laptop, or tablet screen without checking your social media or going online shopping, is almost impossible. The temptation to switch open another tab and go off topic is crazy.

3. There's no slowing down, everything has a set deadline.

Typically, in an traditional in-person class, if the class isn't understanding something the professor can move deadlines for assignments, but online everything is set in stone.

4. You need great time management skills.

Don't get me wrong, I have pretty great time management skills between all my classes and working full-time, but online classes come with a lot more work, considering you aren't constricted by classroom time, traffic, weather and campus problems.

5. There's so much more class work.

On top of having to reading 20 chapters, you have questions in every section of every chapter that you need to answer, end of chapter questions, videos that you need to watch, homework assignments, vocabulary, test/quizzes/exams, and papers. Mind you the tests/quizzes/exam and papers are after every single chapter. I don't know about you but in my classes that actually meet in person, I have never had to answer any questions at the end of each section or chapter, and my tests/quizzes/exams where grouped into multiple chapters, not after every single chapter.

6. You still need to take notes.

Some assignments don't allow you to stop and look for the answer and you can't open another tab and Google the answer and scroll forever because you're being timed on the assignment. Writing notes down will help you remember the information.

7. If you learn hands on, you're going to have a harder time.

If you're a hands on learner, an online class might not be for you. There's nothing hands on about sitting in front of a computer screen.

8. You still have to study.

Like I said before, when you're doing an assignment and you can't stop and you're being timed, it helps to have studied the information before hand.

9. Technology can be a major problem.

Websites crash and run super slow sometimes and there's nothing that we can do about it. You just have to work through it and be patient. So don't do your work last minute, you never know when the website will be down!!

10. You are 100% responsible for everything.

While yes you are responsible for most of your traditional classes, you still have the professor to lecture and teach, but online you're teaching yourself everything.

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