With the latest update, the bonding agency aims to make it easier for contractors to get performance and payment bonds for private and public projects. Surety Bond Professionals requires minimal paperwork – including a detailed history of contract performance, financial statements, and information about the project that the client is bidding for.
For more information, visit https://www.suretybondprofessionals.com
Surety Bond Professionals specializes in matching contractors with bonding companies suitable for their size, financial situation, and expertise. Clients can start the application process and get a custom quote by completing an online form. A team member will contact prospective clients to answer questions and discuss available programs.
Performance and payment bonds are often required for both private and public contracts, as they ensure that the construction will be completed according to the standards set by the contract, including paying the laborers, material suppliers, subcontractors, and any other contractual obligations. The face value of the bond is anywhere between 50-100% of the contract price, but Surety Bond Professionals states that 100% is the most common.
The premium ranges from 0.5-3% of the contract price, depending on the contractor’s financial capacity, company history and credit, and project type. Larger projects will follow a competitive sliding-scale rating, where the fees and premiums are based on contract value and project length.
Surety Bond Professionals serve as a mediator between the bonding company and the contractor, ensuring a good working relationship between the parties should any issues arise. Additionally, by obtaining a bond, contractors can eliminate the need for significant capital outlay, keep a good credit line, and minimize the project’s impact on their working capital.
About the Agency
Surety Bond Professionals is a family-owned and operated bonding agency with access to over 25 surety markets throughout the United States. The agency uses a proprietary process to match contractors with the most suitable bonding company and competitive terms.
Interested parties who want to apply for a performance and payment bond may visit https://www.suretybondprofessionals.com/contact-us/
Surety Bond Professionals, Inc.
205 Union Street
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