A Performance Bond can bring peace of mind to subcontractors and project owners. The purpose of a Performance Bond is to provide a guarantee that your project will be completed by your contractor. If your contractor fails to complete the project or does not complete it to the contract's specs the owner will be covered by the Performance Bond while experiencing no financial loss.
It is government mandated that all public projects are secured with a Performance Bond. If a project exceeds $100,000 Federal law requires a Performance Bond. Many projects in the private sector also require Performance Bonds.
If the situation occurs where a claim is required to be filed on the bond, due to failure of payments or a breech in the contract, the involved party whether it be a subcontractor, developer or other wronged party may file a claim on the bond.
Bonding Solutions has built its agency on this type of business (contract bonds) and can help you develop a relationship with a surety that will grow as you grow. Give us a call to speak to a contract bond manager.
Our ultimate goal is to provide our customers with an easy, fast, and professional experience, thus ensuring their statisfaction. Our performance is guaranteed!