Construction Surety Bond
Bonds Under $500,000:
Bonds $500,000 and Over:
What is a Construction Surety Bond?
guarantee the performance of obligations under a contract. Because a contract bond is often utilized by construction contractors, it is sometimes called a construction surety bond.
A construction surety bond guarantees the obligee that the principal will perform according to the terms of a written contract. Construction contract bonds constitute most of these bonds. Contract bonds protect a project owner by guaranteeing a contractor's performance and payment for labor and materials. Because the contractor must meet the surety company's pre-qualification standards, construction lenders are also indirectly assured that the project will proceed in accordance with the terms of the contract.
Types of Construction Bonds:
- Bid Bonds guarantee that the bidder will carry out the terms of a contract at the bid price upon award of the bid.
- Maintenance Bonds guarantee against any possible defects in the contractor's work for a set period of time after the work is performed.
- Payment Bonds ensure the subcontractors, laborers and material suppliers used in fulfilling a contract will be paid.
- Performance Bonds guarantee the contractor will faithfully perform the contract. Performance and Payment Bonds are generally sold in tandem.
- Site Improvement Bonds guarantee that a landowner will successfully complete mandatory improvements to an existing building.
- Sub-Division Bonds are a guarantee that mandatory public improvements to a subdivision will be successfully completed.
Great Rates on Construction Surety Bonds
Working with a full-service surety bonding agency experienced in the needs of the construction business can be an important advantage in finding the best rates on a contractors license bond for your company.
Brunswick Companies’ Surety Bond Group specializes in construction bonds for general contractors and trade subcontractors. We are a full-service, national surety bonding agency, licensed in every U.S. state.
Construction Surety Bonds - Why Brunswick Companies?
Brunswick Companies is an experienced surety broker who can provide an edge in obtaining the best pricing. Mark Levinson, the leader of our surety team, has developed strong relationships with the leading surety bond underwriters so that we may provide our clients with access to more favorable terms and conditions.
With access to a wide range of surety providers, we are positioned to provide assistance with any specialized bonding needs, including a contractor license bond, you might have.
Improve Your Access to Surety Credit
We work closely with our clients to increase their bonding capacity, in line with their expectations for corporate growth. We provide guidance to help you proactively address underwriting concerns, which streamlines the approval process.
Brunswick Companies also provides our clients with a broad range of insurance and risk management products for the construction industry, including commercial insurance for the construction industry.