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Performance Bonds
A Performance Bond guarantees the faithful performance of the contract and payment (payment bond) of materials and labor by the contractor to all subcontractors and material suppliers. The bond is submitted by the winning bidder upon award of the contract. The Performance & Payment Bond are typically issued together, as they are so closely related.
Current Market
The surety bond industry has stabilized after years of turmoil during the turn of the millenium. The current market is using traditional conservative underwriting practices and only approving contractors what they qualify for under typical surety guidelines. The market will remain the same for quite some time, as record losses occurred last time the industry became too aggressive and many bonding companies had to close their doors for good.
Special Programs
Most bond agencies can place small to large standard surety risks, but it is the niche markets that make JW Surety Bond stand out from the competition. Unique carriers with creative underwriting methods can provide approvals for higher risk bonds and or applicants where others can not.
Debbie Homan (Mon, 17 Oct 2011 21:37:28 -0400): do you offer trading assistant bond?
Dusty Rhoades (Mon, 28 Nov 2011 15:46:23 -0500): We are getting a contract to demo a small hospital value around 300-400 thousand.
What would be the avarge cost of sucha bond?
Redman Access Parking Technologies (Wed, 30 Nov 2011 21:30:29 -0500): What would be the cost to us for a performance bond in the 150K range?
