The recent announcement applies to contractors looking to secure subdivision and site improvement bonds from a trusted surety agency. Surety Bond Professionals has access to an extensive network of surety bond markets and can offer contractors a variety of bond program options.
For more information, visit https://www.suretybondprofessionals.com
The bond agency’s latest move helps small to medium-sized contractors establish their businesses and improve their bottom line.
Construction bonds are essential in the bidding phase of any project because it adds an extra layer of security for the project owner, especially if they are working with a new contractor. By securing a bond, the contractor effectively has a third party who guarantees that the work will be done on time and following the standards set in the contract.
According to Surety Bond Professionals, a subdivision or site improvement bond is essential when working on any local government project. “A contractor must purchase a subdivision bond when working on upgrades for a local government’s projects. The bond guarantees that workers perform their responsibilities according to the terms mentioned in the bond. These bonds are sometimes referred to as site improvement bonds, completion bonds, or plat bonds,” a representative of the surety agency said.
Like any other surety bond, three parties are involved in the agreement: the obligee, who is the municipal planning authority; the principal, who is the developer, and the surety, which is the company that will issue the bond.
Surety Bond Professionals will help contractors find a suitable bond company that will give them the bond they need on payment terms and requirements that are most accessible to them.
About the Agency
Surety Bond Professionals is a bond-only agency with over 30 years of experience. They are family-owned and operated and are licensed to operate in all 50 states. With access to over 25 surety markets, they can get the largest programs with the most competitive terms for their clients. As an added convenience, they require less paperwork for construction bond requests from all their clients and have an online portal where they submit all their documents for evaluation.
More information is available at https://www.suretybondprofessionals.com
Surety Bond Professionals, Inc.
205 Union Street
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Biz Power News journalist was involved in the writing and production of this article.