As the economy improves and commercial construction expands, it is critical that owners are careful with their selection of both design professionals and contractors.  According to BizMiner, less than 70% of the contractors in business in 2007 were still in business in 2010.  To make matters worse, many of those surviving contractors are not financially sound.  As a means of lowering operating costs, many contractors have reduced their insurance coverage, cut back on safety and quality procedures, and trimmed down employee benefits.  Due to the decline in the financial strength of most contractors, surety companies have tightened their bonding requirements, thus making it difficult or impossible for some contractors to obtain bonding.   If a contractor cannot bond a project, this should send a serious message to the owner! (more…)