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.