Masonry Magazine April 1993 Page. 46
SURETIES OFFER CREDIT
Continued from Page 44
The surety will want to know a great deal about the contractor's banking relationship, Peterson said, including information on its credit line, the basis (secured or unsecured), usage and current outstanding indebtedness, and average checking account balances. Sureties don't like to see contractors pledge their accounts receivable to the bank. They do like contractors to have at least some unsecured credit at the bank, he said.
How much surety credit should a contractor be able to obtain? The answer varies, of course, but the contractor's entire work program, including bonded and unbonded jobs, may be ten or more times net worth with working capital of roughly ten percent. It's possible for a general contractor to get twelve to fifteen times net worth, although ten times net worth is more likely for a subcontractor. It may also be possible to get fifteen times working capital, Peterson said.
Contractors should work to develop a relationship with a surety. "The credit side of the construction business is more manageable than the contractor thinks," said Peterson, who is vice president of The Rockwood Company, Chicago.
Oberfield Chairman-Elect
WILLIAM R. Oberfield, president of Oberfields of Columbus, Ohio, has been named 1993 chairman-elect of the NCMA board of directors. Past president of the Ohio Concrete Block Association and past NCMA membership chairman, Oberfield is a member of a number of industry and professional organizations.
PRODUCT UPDATE
COMPACT CORE DRILL
COMPACT, lightweight core drilling machine for cutting holes quickly and easily in brick, concrete and similar materials, can cut all standard diameter holes. Engineered for easy setup in tight spaces not accessible with other core drilling equipment, drill can be rigged and handled by one person. Partner Industrial, 905 West Irving Park, Itasca, IL 60143.
REBAR CUTTER
HAND HELD electric/hydraulic portable rebar cutter will cut any size rebar up to and including #6. Ideal for use on the construction site, the tool weighs only 2612 pounds. Benner-Nawman, 3070 Bay Vista Court, Benicia, CA 94510.
BUILDING PANEL
BUILDING panel consists of two parallel sheets of welded wire reinforcement connected by diagonal truss wires that pierce an insulating core of expanded polystyrene. Completed panels weigh about a pound per square foot. Building method involves attaching the panels to a concrete foundation and connecting them to each other with wire mesh. Following erection, the panels are concreted on both sides to produce a continuously reinforced concrete wall. Insteel, 1373 Boggs Drive, Mount Airy, NC 27030.
COMPACT LIFT
DESIGNED for maintenance jobs in confined areas, compact, highly maneuverable work platform offers 25 percent gradeability and a lift capacity of 660 pounds. Lift has a fully elevated platform height of 14 feet and a working height of 20 feet and, when retracted, can fit through standard doorways. Upright, Box 560, Selma, CA 93662.
FABRIC FLASHING
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