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Payment Bonds
Contractors will need payment bonds to ensure that monies will be
paid to subcontractors, laborers and other people in related positions
should they default on their agreement. It is common for such a bond to
be issued alongside a performance bond. Thus the two may be referred to
together as one entity.
The current market
These performance and payment bonds are a fairly stable area of the
surety market. In the past it was often the case that contractors would
be able to get payment bonds that they actually did not qualify for.
This is part of the reason the entire industry ended up losing record
amounts of money in recent years. This can make it harder to get payment
bonds now compared to how it has been in the past.
Does your agency have a special program available for payment bonds?
We cater for contractors in all kinds of situations. We can provide you
with a quote for your payment bonds regardless of whether you have good
or bad credit. We can also cater for all sizes of contract. |
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