(Toll Free) 888-BOND-620
Performance bonds guarantee performance of a specific contract. Payment bonds are usually issued with the performance bond. The payment bond guarantees that the materials and subcontractors will be paid on the contract. The goal is that the project can be completed free of liens. The performance bond obligation merely ensures that the contract is completed based on the specific terms within the agreement. Though they are two bonds that are considered the same obligation with only one premium assessed. The qualification process greatly depends on the amount of the bond and the scope of the contract. IOA represents over 30 surety markets from coast to coast. We can get approval within 24 hours in most cases.
Conditions and restrictions: Bonds must be for standard commercial construction projects. Subdivision, service contracts, design-build, efficiency guarantees, and job order contracts excluded. Warranty for workmanship must be two years or less; Jobs must be completed within 12 months; Principal must have No open bankruptcy, back child support, open tax liens, previous surety loss, or open judgments. Principal must complete the surety application and supply supplemental underwriting information to qualify. Some states excluded.
CPA Reviewed Statements not Required
Previous Year’s losses OK
Bond Rates Under 3%
A-Rated / Treasury Listed Carrier
Outperforms SBA Bond Program with NO BOND SURCHARGE
Previous Bankruptcy OK
Past Credit Issues OK
Working Capital and Net Worth Issues OK
No Collateral Required (in most cases)
Credit / Short-Form Program up to $500,000.00
Environmental and Solar Risks are considered
QUICK AND EASY BOND APPLICATION