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Surety Bonding
Contract Bonds
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Decades of Surety Bonding expertise delivers the best pricing for our clients on all types of Surety Bonds...
To learn more call 800.686.8080, or
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Construction Performance Bonds and Payment Bonds
Great Rates on Performance and Payment Bonds
Securing competitive pricing on performance and payment bonds is important to growing your business. 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.
What is a Construction Performance Bond?
A performance bond is a contract bond that guarantees the contractor will faithfully perform the terms of the contract. This protects the owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions. Performance bonds frequently incorporate payment bond (labor and materials) and maintenance bond liability. While a bid bond is submitted with the bid, a performance bond is submitted by the winning bidder upon award of the contract.
What is a Payment Bond?
A payment bond is a contract bond that guarantees payment of the contractor's obligation under the contract for subcontractors, laborers and material suppliers associated with the project, providing assurance that they will be paid if the contractor defaults. Since liens may not be placed on public jobs, the payment bond may be the only protection for those supplying labor or materials to a public job.
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What Is the Difference Between a Performance Bond and a Payment Bond?
Performance bonds and payment bonds are often written as one bond, but by definition they are not the same. A performance bond assures satisfactory performance of the terms of the contract. A payment bond assures that the subcontractors, laborers and material suppliers will receive payment for the services and products used to fulfill the contract.
Why Brunswick Companies for Construction Bonding?
Brunswick Companies’ Surety Bonding specialists provide responsive, knowledgeable assistance to our clients in the construction industry, guiding you through the process of obtaining performance and payment bonds and other contract bonds.
We are a full-service, national surety bonding agency, licensed in every U.S. state.
With over 35 years of experience in serving construction contractors, we have developed a full spectrum of insurance and risk management products and services to support the construction industry.
Our clients receive:
- Fast, responsive and knowledgeable service
- Access to a wider selection of surety providers
- Competitive rates on all types of surety bonds
- Guidance through the process of obtaining surety insurance
- A proactive approach to improving your access to surety credit
- Assistance with specialized surety bonding needs
Access to Wider Range of Construction Bonding Companies
Working with an experienced surety broker can provide an edge in obtaining the best pricing. Mark Levinson, the leader of our Surety Bond Group, has decades of experience in the construction surety market. He 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.
We’ll Help You Grow Your Business
Taking a proactive approach to addressing underwriting concerns streamlines the approval process and is the key to expanding your access to surety credit. We work closely with our clients to increase their bonding capacity, in line with their expectations for corporate growth.
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