Michigan Performance Bonds
In most states contract surety is required for construction jobs that are in excess of $25,000. We have Bid, Payment, Performance, Labor & Materials for all contractors. We specialize in helping contractors get established with bonding and help seasoned contractors gain additional work! We are happy to help. Apply or Call 1-844-933-4455.
Michigan Performance Bonds
will usually start with a bid bond, to bid the job. When the job is awarded to the winning bidder, a payment and or performance bond will then be required as a security to the job completion.
If the contractor fails to perform according to the specifications laid out by the contract, the client is guaranteed compensation for any monetary loss up to the amount of the performance bond.
Michigan Performance bondsare commonly used in the construction and development of real property, where an owner or investor may require the developer to assure that contractors or project managers procure such bonds in order to guarantee that the value of the work will not be lost in the case of an unfortunate event.
Performance bonds are generally issued as part of a 'Performance and Payment Bond', where a payment bond guarantees that the contractor will pay the labor and material costs they are obliged to.
Payment 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 Michigan Performance 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.