In most instances, contractors and construction professionals are required to carry surety bonds. When you need to get to work, you need a bond fast. We can help get you the contractor bonds that fit your needs, so you can focus on getting the job done and building your future.
If you are a licensed contractor in California, you have a license bond. Different bond companies use different credit ratings to come up with a price for your bond. We frequently see that people are paying too much for their bonds because they have not shopped the markets for the bond program that makes the most sense for their individual credit profile.
The state requires contractors to have license bonds as a way to ensure that customers will get reimbursed up to a certain amount if they are wronged by a licensed contractor. The claimant files a claim against the bond and then the bond company investigates the claim. If the bond company ends up paying the claim, the bond company then goes to the contractor to demand payment to reimburse the bond company. This is a major difference between bonds and insurance. With insurance, you pay the premium and then the insurance company takes on the risk of having to make any future payments. (You may also pay a deductible that you agreed to pay as a way to keep premiums lower). With a bond, you pay a smaller premium and then you agree to reimburse the bond company for the money that it might have to pay out on your behalf. This is why bond companies like to do a credit check. If someone always pays his bills on time and has $12,500 in cash in the bank, the bond company might not have a problem providing this person with a $12,500 license bond at a very low price because the bond company knows that they will be able to get reimbursed. If, however, someone does not have any assets, the bond company is likely to charge more for the bond because they know it will be more difficult to collect reimbursement from a contractor that does not have any assets. Please let me know if you have any significant financial milestones (a few years since bankruptcy, foreclosure, etc.) so that I can make sure that I am going to the best markets for you.
Contactor Bonds
A surety bond is your word. When you obtain a contractor bond, you’re entering into a legal obligation that guarantees you’ll perform your work according to your contract while adhering to the rules and regulations of your contractor license.
License Bond
Get your license bond quickly so you can obtain or maintain your contractor license. A license bond is required in most states, and it’s your guarantee that you won’t violate any state law regulations.
Bid Bond
Bid bonds are intended to keep frivolous bidders out of the bidding process by guaranteeing that the successful bidder will enter the contract and provide the required contract bonds. Bid bonds keep the bidding process fair for everyone.
Performance Bond
Contractor performance bonds ensure you’ll live up to your end of a contract and complete construction in the time and manner agreed upon. Also known as a contract bond, performance bonds are required by law for public construction projects.
Payment Bond
Contractor payment bonds protect subcontractors, laborers, and materials suppliers against non-payment. Payment bonds are also a type of contract bond required by law for work on public projects.
Contractor bonds protect your reputation by ensuring you honor your commitments and contracts, and in most instances are a necessity for obtaining your license. We can get you the necessary bonds for your needs, so you can get to work fast.
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