Payment Bond - #1 Surety Agency for Payment Bonds Nationwide

Payment Bond

Payment bonds guarantee payment to those involved in a construction project whether they are laborers, subcontractors, or suppliers. Doing so protects the project owner from mechanic liens.

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Why work with Bonding Solutions? Simple! We are different!

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:

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What is a Payment Bond?

A Payment Bond, typically used in construction alongside a Performance Bond, ensures that suppliers, subcontractors, and laborers are paid by the contractor, safeguarding them against non-payment risks. It also protects the project owner from liens against the project due to unpaid bills. Essential in maintaining financial and legal integrity, these bonds are sometimes required in non-construction projects as well.

For acquiring a Payment Bond, it’s crucial to consult with an experienced surety provider. Bonding Solutions offers expert guidance and efficient service to help you secure your Payment Bond. Contact our team today for personalized assistance and to ensure your project’s smooth financial management.

Bonding Solutions | Payment Bond
Bonding Solutions | Payment Bond
Bonding Solutions | Payment Bond

How much will a Payment Bond cost?

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.

Why is a Payment Bond required?

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.

How do I get a Payment Bond Online?

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.

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