In a rush? Try out our fast, easy contract surety bond application.
Payment Bonds
A payment bond guarantees payment to laborers, suppliers, and subcontractors in the event of the contractor defaulting. Typically, a payment bond is issued with the performance bond, termed a "Performance & Payment Bond"
Current Market
The surety market does not make drastic changes in general, but especially when it comes to underwriting performance and payment bonds. Bonding companies underwrite very similarly, which will not change for some time. About 12 years back, the surety industry was approving contractors for bonds they did not qualify for using traditional surety underwriting. Bonding contractors in excess of what they would typically qualify for resulted in record losses industry wide. The industry has since stabalized and will not likely have an appetite for business like the soft era for a long while.
Special Programs
Our agency is constantly reviewing what carriers are the best matches for our clients. Our wide array of bonding companies allows us to issue difficult to place bonds, as well as small to large contracts. Regardless of your situation, we have a surety that is right for you.
Angie Lynn (Wed, 04 Jan 2012 00:12:31 -0500): I am a auto dealer, I have been offered a 30 day float (30 days at no charge) from an auction that I buy cars from. The auction told me I needed to have a payment bond in place. Is this something you folks can help me with?
