If your contracting company is in the construction industry or a similar field, you will usually be required to put up a contractor’s bond before getting a job and starting the construction. Having a good contractor’s bond can be the difference between getting and not getting a bond and at Contractors Mark, we will help you get the contractor’s bond you need so that you can do the work you need to do.
A contractor’s bond, also known as a construction bond, is a surety bond. This means that it uses a guarantor to lower the risk to the investor and to guarantee that the investor will be paid back for what they invest. It is typically used in construction projects to ensure that they will be protected in the case that a construction company fails to finish the project or if they do it incorrectly. It helps to guarantee good use of funds and quality work.
All contracting companies vying for the position will put up a bond and the one whose bid is the most affordable is typically the one chosen. This is why contractor’s bonds are so important. Without them, it is near impossible to be assigned to a project and to get the job. When a company submits the bond, they are agreeing to complete the job according to the policies specified. The contractor buys a bond from the guarantor and the guarantor makes sure that the contractor follows through on their end and ensures all ends of the contract are completed.
This is protection for all parties involved since it makes sure that the job is complete, and that it is not a complete loss if for some reason it is left incomplete. It also covers the problems that may occur if subcontractors do not pay for the materials required including supplies and labor. It is an agreement between the project owner who is typically a government agency who is hiring the contractors to complete the job, the company completing the project, as well as the guarantor who is backing the bond.
Contractor’s bonds are incredibly important in order to be able to complete the job and to even get the job. Without them, work will typically not even be allowed to begin. Let us take care of the nuances of the bond so you can worry about the work that we know is so important to you. We know how busy you are and hope to help you by doing our job and finding the contracts and insurance that will allow you to do yours. At Contractors Mark, our specialists are the very best and know all about the best types of insurance and bond and what you will need and will not need in order to be protected and ensure that your company thrives for as long as you would like it to. Call or fill out the quote form on our website today to find out how much we could help you do your job as well as possible.
Contractors Mark is excited to help you in choosing insurance options that best meet the needs of your business. Contact us to learn more about what we can do for you!