The recently launched contract bond applications are performed online and require minimal paperwork. Securing contract bonds assure clients or the project owner that the contractor will fulfill all contractual obligations within the time specified.
For more information, visit https://www.suretybondprofessionals.com
With the newly introduced applications, Surety Bond Professionals helps contractors find the best bond program to increase their chances of winning their next bid. With the construction industry slowly picking up its pace after the pandemic, CNBC reports that owners are still overly cautious about starting big projects. When contractors have a third party who will vouch for the quality of their work, project owners are more likely to move forward with that contractor.
Surety Bond Professionals explains that a contract bond allows the project owner to recover financial losses should the contractor fail to complete the job. They can take the document to the bond company and file their claim, no questions asked. The bond company will take it upon itself to find the contractor and get reimbursed for the cost of the claim.
With contract bonds, the project owner’s risk diminishes significantly, shifting the burden to the contractor and the bond company. This is why contractors must work with the right agency to secure contract bonds. A good agency will find the right company with payment terms and requirements suitable for the contractor based on their size, specialization, and capacity. Surety Bond Professionals states that a mismatch can lead to unsatisfactory terms, too many requirements, and even loss of revenue.
Dealing with agencies with limited access to surety markets means that the contractor will have fewer options and have to settle with a bond company that may not offer them the best terms available in the market. Surety Bond Professionals has access to more than 25 surety markets nationwide, making it one of the most well-connected bond agencies in the US.
“It was our first time applying for a Payment & Performance Bond in the US, and we were talking with four different surety agencies. We chose Surety Bond Professionals because they made it so easy and got us a fantastic rate. With two federal projects under our belt, we now have a solid foundation to bid and win larger government contracts,” a satisfied client said.
More information is available at https://www.suretybondprofessionals.com/contact-us
Surety Bond Professionals, Inc.
205 Union Street
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Sahyadri Times journalist was involved in the writing and production of this article.