August 16, 2017
Technical Assurance, LLC

Benefits of Surety Bonding

 

To the Contractor... Surety bonds help screen out unqualified contractors and irresponsible competition. 

 

To the Architect or Engineer... Surety bonds insure that the contractor has satisfied the surety’s comprehensive prequalification process and is capable of translating the plans into a finished product.

 

To the Owner... Surety bonds guarantee that the contractor will perform the contract and pay certain labor and material bills incurred on the job.

   

To the Risk Manager... Surety bonds provide the satisfaction of knowing that the owner is protected against one of the major construction perils – contractor failure.

 

To the Lender... Surety bonds provide assurance that the project that secures the loan will be built in accordance with the terms of the contract and free of encumbrances.