With the latest service update, Surety Bond Professionals has streamlined its online application system, requiring minimal paperwork for bid bonds, performance and payment bonds, and supply bonds.
For more information, visit https://www.suretybondprofessionals.com
Contractors working on federally funded projects valued over $100,000 are required by law to secure performance and payment bonds. To assist New York construction companies bidding on federal projects, Surety Bond Professions offers an online application service and uses a proprietary system that enables contractors to bid on larger projects.
With access to more than 25 surety markets, the agency can match contractors with bond companies with suitable programs and payment terms to make them more competitive when bidding.
Payment and performance bond assessment is based on several metrics, including financial capacity, credit score, and prior work portfolio. Some documents that the agency may require include CPA-prepared financial statements, bank sheets, evidence of internal controls, and detailed information on the project.
Aside from the mandatory payment and performance bonds – which guarantee that the contractor will fulfill their contractual obligations and pay their subcontractors and suppliers, respectively – the agency offers assistance with bid and supply bonds. With bid bonds, the winning bidder assures the federal government that they will accept the project if chosen. A supply bond is sometimes required to ensure that the funds paid for supplies are used for that purpose and not misappropriated.
For bid bonds, smaller contractors are required to submit their personal credit history, as underwriters use this as the primary basis for the assessment. Larger contracts, however, take into consideration the contractor’s financial history and stability as well as the location of the project.
About the Agency
Surety Bond Professionals is a family-owned and operated business committed to providing streamlined surety bond application services. They have an extensive network of underwriters for fast application processing and approval.
“As a growing WBE/MBE contractor, Surety Bond Professionals secured our first bond when other bonding agencies couldn’t. The team puts their heart and soul into providing excellent service, and they treat their clients like people, not numbers,” a satisfied client said.
Interested parties can visit https://www.suretybondprofessionals.com to get more information.
Surety Bond Professionals, Inc.
205 Union Street