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Discussion Boards > Active Subjects > Messages as Posted > Landscape Design Forum

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 03-14-2001, 13:03 Post: 25504
Ted Kennedy



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  Almost The End of the Road Bonds and the Dangers of Non-Returnables

For everyone who thinks that they want to get into landscape design and landscaping, I have a warning. That is, never post bond for work with a state or municipality without doing some carefull investigation. I've just concluded the sale of my Case 580 Super L, my 10 ton Tag-Along, and both of my gear drive Cub Cadets. I also will not be renewing my dump truck lease. Why? Unknown to me, the city I posted $75K bond with, was in serious fiscal trouble, consequently, they are forcing all contractors to sue for return of their bonds. I had to let my help go. I was paid for my work, but they kept my bond, which had to be secured in order to do work. Seeing as money doesn't grow on trees. I had to come up with operating capital for the next year. My policy now is never to go for the big contracts again. I'm sure I'll get my money back (maybe even all of it), just not this year, and maybe not next year. Such is the way of business, fortunately, I still have enough assets to continue on. So for everyone with big plans, procede carefully.






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 03-14-2001, 16:20 Post: 25513
Ted Kennedy



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  Almost The End of the Road Bonds and the Dangers of Non-Returnables

Rick, I will be paid, that is the key that keeps the insurance from paying out. When, is the question. The courts in my state allow municipal governments wide latitude in payouts if they can prove to the court that to do so will adversely affect the residents. My attorney, and those representing the thirty other contractors don't want us to muddy the waters with discussion so I'll have to leave things as they are. Thanks for the interest, good thing I still have my day job.






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Discussion Boards > Active Subjects > Messages as Posted > Landscape Design Forum

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