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By: Joseph Andreotti, Thu May 20th, 2010
We are all a little more cautious about how we spend money these days. As budgets are trimmed, purchasing decisions are made with extra consideration; we want to make sure we receive value for our money. Large ticket items are often put off until absolutely necessary. Fewer people are buying on whim and credit, and no one is feeling the pinch more than construction contractors. Consequently, contractors are finding that to secure construction contracts, they need to pay special attention to consumer requests for some financial protection to make projects more attractive.
Price is always a factor regardless of the economy. Now, however, with the increase in insolvency, consumers are even more cautious about which contractors they choose. Contractors who hold performance bonds are more attractive to clients looking to hire contractors. A performance bond issued by a surety agency offers added proof of a company’s sustainability and legitimacy.
A performance bonds guarantees the client satisfactory completion of a construction or property development project even if the assigned contractor can’t complete the job. This assurance, the performance bond, makes signing on the dotted line easier for cautions and smart consumers. Additionally, payment bonds, an assurance for payment to subcontractors and suppliers, are often included in the performance bond issuance, also known as a performance payment bond. This adjunct bond negates the possibility of a lien on the client’s property in the event subcontractors are not paid. The threat of a lien is huge to consumers, and the added protection is a strong selling point. A subcontractor performance bond may be required by all contractors reducing the risk for the general contractor. All in all, for a small price, a contractor performance bond provides protection for the client, those companies and personal working on the project, and helps secure the job.
Surety 1, Surety Solutions Insurance Services, Inc makes the performance surety bonding process quick and easy. Surety 1 provides an online customer service representative to answer any questions. General contractors needing surety bonds can apply online as well. There is also a toll free live chat help line available. Surety 1 has a diversified staff with the experience and expertise needed to appropriately meet the bonding needs of construction, financial, legal, general services, real estate, and public official clients at competitive rates. Surety 1 can provide the financial assurance tool, a performance bond, general contractors and subcontracts need to make themselves more attractive to cautious buyers.
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"Business, property investments and more" Comprehensive article catalog |
 
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