are a financial guarantee that ensures that a given project will be completed even if the contractor runs out of money, runs into unforseen events and to keep the project free from liens. Completion bonds are used in many industries, including entertainment, technology, and construction projects. A completion bond is also known as a completion guarantee.
A completion bond provides more coverage than a performance bond, which guarantees satisfactory completion of the job. Completion bonds create a guarantee between the obligor and its lender as obligee. The obligee receives compensation for any losses incurred if the obligor breaches the contractual terms of the agreement entered into.
Contract Suretybonds are requested and provided at various stages of the bidding process. Once a contractor decides to bid and obtain a public works job, he or she will most likely be required to submit a bid or bidders bond with the project. These are usually either a percentage of the total job or a flat sum.
If the contractor is "low bidder" or otherwise selected for the job, the contractor may be require to submit a "final bond." These bonds are usually payment and performance bonds, completion bond or labor & materials. There are several types but this will give you an idea.
Completion or Payment and performance or maintenance bonds may be required once the contractor has been awarded a job. These bonds are also known as labor and materials bonds. As mentioned, there are many types of these bond. The contract will specify what is required.
Obtaining a contract bond at Jane Bond Surety is simple.
Many bonds can be obtained in as little as an hour. Some take longer. Use the highlighted bullet points above to determine what you can expect when applying for this bond. Many (not all) bonds require a credit check. In many instances it simply depends on the actual bond one is applying for and the insurance company's experience in that category. Some bonds are considered low risk and some are considered higher risk. Bonds that do not require a credit check are usually instantly issued.
We, at Jane Bond Surety & Insurance, take your contract bond very seriously. We also consider the cost. We make every effort to obtain the quickest bond at the lowest rate. If at any juncture you have any questions call us at: 1-844-933-4455.
Quote via email.
Once we receive your app we will locate the best rate available to us. We will communicate that to you via email. The email will contain instructions on how to proceed.
When you decide to move forward we will provide you with options to pay the premium, receive the bond as well as shipping options. It's really that simple!
We have several programs that contractors can apply for. Some bond requests will require additional underwriting. We work with you for a smooth transition and placement with a surety.