Construction Surety Agency Online Application: Performance/Payment Bonds Launch

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Surety Bond Professionals (781 559-0568) has launched an online application portal for performance and payment bonds.

The recently launched online bond application portal is part of Surety Bond Professional’s commitment to making applying for bonds more straightforward and accessible to contractors of any size and specialization. The portal is user-friendly and uses the highest standard in privacy and web security.

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Surety Bond Professionals’ new online application portal allows large construction and public project contractors to submit their bond applications. This streamlines the bond application process and gives them time to focus on other requirements they must submit to land their next big project.

Performance and payment bonds are separate bonds, but both are often required by the project owners, whether for private or public projects. According to Surety Bond Professionals, securing these bonds is one of the best ways to increase a contractor’s chances of securing a deal because a third party guarantees their capacity to complete a project.

Surety Bond Professionals explains that whether it is a small private project or a large public construction, performance and payment bonds ensure that the contractor will complete the project on time and according to the standards set by the contract. If the obligations are not met, the project owner can bring the bond to the issuing company and file a claim to recoup their losses. It will be up to the bond company to chase after the contractor to reimburse the cost of the claim.

Performance and payment bonds can have any face value, but depending on the reputation of the contractor and the type of project they are bidding on, it can cover 50-100% of the construction cost. The premiums can range from 0.5-3% of the contract value, and contractors with good credit history and financial capacity typically get lower payments. However, this can vary from contractor to contractor. Some bond companies that focus on a specific type of project, like solar panels and green technology, may be able to offer lower premiums.

“We needed a $2,000,000 bond, and after many unsuccessful attempts by other surety agencies, Surety Bond Professionals were able to get the job done. They get us what we need, and that’s been the key factor in the growth of our business,” a satisfied customer said.

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