As a business owner, bidding on contracts, you may be asked to provide a contractors bond. This process needs to be completed through an insurance broker and Integris is here to help.
So what exactly is ‘bonding’?
A bond is a guarantee to a project owner that a project will be completed if a contractor defaults. It’s a promise from an insurance company to pay a sum of money to get the project back on track. You may be asked for one or more of the following types of bonds:
Bid Bond: Ensures the bidder on the contract will enter into the contract and provide the required Labor & Materials and Performance bonds if awarded the contract.
Labor & Materials Bond: Ensures suppliers and subcontractors are paid for work performed under the contract. So they don’t walk off the job!
Performance Bond: Ensures the contract will be completed in accordance with the terms and conditions of the contract.
Integris Insurance has experience with Contractor’s Bonds and other forms of Commercial Surety Bonds. If you require a contractors bond or other surety bond, contact an Integris Insurance Representative today or request an appointment.