Surety Corner: How the current climate of material price escalation impacts bonding limits
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It is no secret that current construction material prices are volatile, unpredictable and rising. The pandemic has given rise to supply and demand problems across the economy and the impact on construction materials is no exception. In an industry where most jobs are bid based on a fixed price, price volatility has the potential to hand contractors big losses, especially when jobs are awarded months after the tender date.
The president of the Ontario General Contractors Association Giovanni Cautillo has been quite outspoken recently on material price escalation and the affect it is having on general contractors’ ability to properly price jobs.
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