Work with financial security.
Surety Bonds
Surety bonds are an agreement between three parties – a Principal (contractor), an Oblige (project owner), and a Surety (bonding company). They provide financial security and construction assurance on building and construction projects.
The agreement assures the Oblige that the project will be built per the plans and specifications, that costs to perform the project will be paid, and that certain subcontractors and suppliers will be paid.
Obtaining Surety Bonds
Insure Forward will guide you through the bonding process. Here are some of the items needed from the contractor:
- Organizational chart of key employees
- Resumés of the contractor and key employees
- Business plan of type of work, growth, territory, profits
- List of largest completed jobs and gross profit earned
- Subcontractor and supplier references
- Bank letter indicating bank line of credit
- Recommendations from owners, architects, and engineers
- CPA-reviewed financial statements, including job schedules
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