The latest update provides Surety Bond Professionals with access to more than 25 surety markets, giving them an extensive selection of bond programs to match the needs of contractors with reasonable payment terms and requirements.
For more information, visit https://www.suretybondprofessionals.com
In addition to the contractor, project owners can also benefit from Surety Bond Professionals’ list of surety providers.
According to the company, since the timely delivery of the finished project relies heavily on everyone following the schedule, securing supply bonds from the suppliers is crucial to ensure they will not delay the project. Sometimes, the project owner will require the supply bond and include such bond requirements in the deal with the contractor.
However, contractors can still secure a supply bond for good measure, even without the project owner’s request.
Supply bonds ensure that materials specified in the contract will be delivered on time, in the correct quantities, and to the right address. Should the supplier fail to do so, the contractor can file a claim against the bond and be compensated for their losses.
“The surety company that underwrote and issued the bond will investigate each claim to determine its validity. If the claim is found to be valid, the surety will pay up to the full penal amount of the bond,” an agency representative said. However, supply bonds do not cover installation or labor, as a different service provider may carry out these tasks.
The cost of the bond depends on two factors: the actual required dollar amount of the bond and the reliability and financial stability of the supplier. More established suppliers tend to have lower bond requirements, as they already have a good track record with their service.
Surety Bond Professionals states that suppliers with a good creditworthiness rating and plenty of experience in the industry can expect to put up from 0.3% to 2% of the bond amount.
“As a growing WBE/MBE contractor, Surety Bond Professionals secured our first bond when other bonding agencies couldn’t. The team puts their heart and soul into providing excellent service, treating their clients like people, not numbers,” a satisfied client said.
More information is available at https://www.suretybondprofessionals.com
Surety Bond Professionals, Inc.
205 Union Street
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Bengaluru Bytes journalist was involved in the writing and production of this article.
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