Stupid Question – Bondable

4SG

I was looking through some online job ads and one of them mentioned this. What does it mean – must be bondable? Any thoughts?

TranscenderMichael

I may be wrong, but I am relatively sure that you are bondable if you have never been convicted of a crime related to money, such as fraud, theft, forgery, larceny and embezzlement. This is so the company can be insured by a surety underwriter.

Jerz

Relevant to the electrical contracting industry as a subcontractor we needed to be bondable in order to be awarded a project that was bid that required a bond. For example if we bid a $500,000.00 job that required a bond then we had to be able to get a payment and performance bond to guarantee the General Contractor that we were contracted with that we would pay all of the bills that related to the project (material, labor, subcontract, rental, etc.) so the project would not get a lien put against it and also would perform in the capacity to complete the project on time. If we failed or went out of business then the bonding company could be called and they would have to pay someone else to finish as well as any outstanding bills incurred on that particular project.

Our bonding ability and capacity was determined by our net worth which would dictate both the size of each particular project that we could bid as well as the total capacity of bonded jobs. It's basically an insurance policy for whoever your contracted with that the job will be finished and the bills paid. Requiring a bond would also keep an electrician with a pickup truck, no net worth and no business bidding the job in the first place from bidding a job because they weren't bondable. It keeps the riffraff from ruining the contracting market.

I'm not sure how it would pertain to an online job ad unless it was for contract work.

Jerz

Gawd

Im pretty sure TransenderMichael is right. Any application i've ever filled out has asked me whether im Bondable. I can never remember which means you have a criminal record tho. Bondable or Not Bondable, heh.

Gawd

4SG

Thanks guys. This is a Field Service Tech job and because it mentioned “subsidiary of NCR Corporation” I was kind of thinking it could be dealing with cash registers or related equipment. They way they worded it in the add was:

“Must be able to pass drug test and a criminal background check, have a clear MVR, and pass credit check. (Must have stable credit history and be bondable)”

Hmmm, I think I can pass those tests without studying.

4SG

Ricka182

4SG wrote:

Thanks guys. This is a Field Service Tech job and because it mentioned “subsidiary of NCR Corporation” I was kind of thinking it could be dealing with cash registers or related equipment. They way they worded it in the add was:

“Must be able to pass drug test and a criminal background check, have a clear MVR, and pass credit check. (Must have stable credit history and be bondable)”

Hmmm, I think I can pass those tests without studying.

4SG

Where is this?

viper75

4SG wrote:

pass credit check. (Must have stable credit history and be bondable)”

Hmmm, I think I can pass those tests without studying.

4SG

Since when do you have to have good credit to get a job???

4SG

The job is in Poughkeepsie, NY. It also mentions ATMs so maybe that’s the reason for all the checks. Just guessing.

http://information-technology.careerbuilder.com/JobSeeker/Jobs/JobDetails.aspx?IPATH=JR&Job_DID=J8D7HM768X7Z8C37WHH&lr=cbga_pjo