Many property owners, developers, financiers and general contractors have become quite familiar with the benefits of requiring contractors on their projects to obtain performance bonds, which provide that any work by the bonded contractor will be fully completed in accordance with the terms and conditions of the contract.
These bonds, which are a key element of effective project risk management, incorporate all of the work outlined in the contract documents, which the contractor must complete. The contractor’s ultimate liability (and that of the surety company providing the bond) is based on its obligations as stipulated in the contract, including requirements of the plans and specifications, as well as pertinent statutes.
Reinforce your protection without adding premium. What many property owners, developers, financiers, and general contractors that request only a performance bond don’t realize, however, is that often for no added premium, a surety may be willing to package a performance bond with a payment bond. The latter covers the costs of suppliers, subs, payroll and other expenses that otherwise won’t be paid should a sub default.
Your source for construction-related bonding needs. As a surety bonding specialist with extensive experience in all aspects of construction-related bonding, Unique Surety and Insurance Services, LLC, has arranged packaged and specialty bonds for contractors involved in all sectors of the construction industry. We represent several highly rated surety companies and can obtain bond amounts ranging from $100,000 to in excess of $350 million per project for a qualified contractor.
Unique Surety works with the contractor, the construction accountant and the attorney, as necessary, to organize and provide the documents required to accompany the application and match the contractor with the right surety. In addition to working with contractors to complete the bond checklist, we will review both your work in progress, financials and discuss your total bonding needs for the next 12 months. That enables you to acquire an aggregate amount of surety bonding capacity (similar to a bank line of credit) approved by a surety carrier well in advance, so you can focus on building your company.
For details and prompt assistance with your bonding needs, please call 1-800-321-1007.
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