Financial guarantees that work will be completed and subcontractors paid, established proactively rather than scrambled together against a bid deadline.
Get a quote for Surety BondsContractors bidding on public projects, which almost universally require performance and payment bonds, and any business needing a license or permit bond in their jurisdiction.
A contractor loses out on a lucrative public project, not because of price or qualifications, but because they'd never set up the bonding the contract required.
Read the full story →Not quite. It's a three-party financial guarantee between you, the party requiring the bond, and the surety company, rather than a policy that pays out for your own losses.
Longer than most people expect, especially the first time. Establishing bonding capacity before you need it for a specific bid is worth doing early.
Public contracts almost universally require them. If you're planning to bid on public work, it's worth setting up bonding capacity before an opportunity comes up.
