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Why Would I Need A Bond?

A reliable source of surety credit is vital to contractors engaged in public and private work. Contractors are increasingly being asked to post a bond as assurance to project owners and lenders that their work will be faithfully completed on time and all bills promptly paid.

Surety bonds offer construction project owners greater protection than letters of credit. Surety bonds guarantee the owner of the project that if the contractor defaults, the surety will complete the contract. A letter of credit is issued by a bank, usually for 10% of the total contract amount, and callable by the owner upon demand. A letter of credit does not guarantee sufficient funds to complete the project; administer contract completion; or assurance that rightful claims by subcontractors, suppliers, and laborers will be paid. A surety bond assures all these things and more for about 1-3% of the contract amount.

If you're still wondering whether you need a bond, or how a surety bond can help your business, please call us (303) 670-9600.

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