We are a surety only agency that thrives on creating an unbeatable client experience! Our industry leading bond volume allows us to create programs that can be tailored to each individual client, getting them their bond faster at the cheapest cost! Below are a few reasons our clients love to work with us:
Payment Bonds are generally used on construction projects in conjunction with a Performance Bond, but can also be obtained as a stand-alone bond. The Payment Bond guarantees that all suppliers, subcontractors, and laborers used on a specific contract will be paid by the contractor and that the project owner will not have a lien placed on the project. Some non-construction projects require payment bonds as well.
To purchase your Payment Bond call a member of our team today.
The cost of a Payment Bond will vary based on the contract amount. Payment Bonds are usually required to cover 100% of the contract amount, some obligees will require the bond to cover up to 120% of the contract amount. You can expect to pay between 0.5% to 3% of the bond amount when purchasing a Payment Bond. The percentage charged will depend on the credit, character, and capacity of the qualifying party.
We have worked in the bond industry for over 25 years of building relationships to better our business. These relationships allow us to offer our clients the lowest bond rates in the industry. Call us today to see what we can offer you.
A Payment Bond ensures payment to subcontractors, suppliers, laborers. If a bonded contractor does not pay one of these parties, the bond will ensure payment is made and thereby prevents them from placing a lien on the project. In cases of government projects, payment bonds protect taxpayer dollars by guaranteeing lien-free project completion.
Getting started with your Payment Bond is easy. Assuming you have been awarded a contract, obtain the required forms from the Obligee and contact our office to begin the application process. Once we have all the information we will secure approval, issue your bond and you will receive a signed copy.
Give us a call today for any of your Payment Bond needs (877) 841 6745.
Click here to fill out the Contract Bond Request form.
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