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Performance Bonds

When a contract is won by a contractor, they will be required to submit a performance bond. This guarantees that they will complete the job faithfully and efficiently and provide payment for all the labor and materials used. They will also require a payment bond, and the two bonds are normally issued at the same time.

The current market

Recent years have seen a lot of turmoil in the surety bond markets. Lots of bonding companies went under during the recession due to writing bonds for contractors that were not suitable for them. The process is now very different and the only contractors who will qualify for the best rates will be the ones with a good credit history. Those with bad credit will no longer be able to get the best and most competitive rates.

Does your agency have a special program available for performance bonds?

Regardless of whether you are seen as a small or large risk by the surety market, we can provide you with the best quotation for your circumstances. We can almost always get approval on riskier performance bonds in situations where other providers cannot.

 
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  Fantastic experience. I will use you again next year! Thanks for the quick turn-around, couldn't be happier.

~James H, MI