Bonds Only
specializes in pre-qualifying contractors for surety bonds for specific projects and work programs, as well as developing contractors for safe and profitable growth.
Contact us for your surety and construction contractor bonding, bid, performance & payment bond requirements.
We offer the most competitive bond rates and bond programs, with A.M. Best rated and U.S. Treasury-listed surety companies. Let us help you improve your job cost accounting systems and your bonding. We provide surety bonds, bid bonds, performance bonds and all types of business license & permit bonds, as well as surety and related consulting. We serve your surety bonding needs quickly, courteously, and with professionalism.
Bonds Only
serves your
Surety Bond needs in
◊ Florida
◊ Georgia
◊ Alabama
◊ Arizona
◊ Louisiana
◊ New York
◊ Mississippi
◊ North Carolina
◊ South Carolina
◊ Nevada
◊ Tennessee
◊ Virginia
◊ Idaho
◊Texas
◊Arkansas
◊ A Surety Bond is a contract between 3 parties: an obligee, a principal, and the surety. The obligee is the recipient of an obligation (someone who needs something done), the principal is the party that performs the contractual obligation (a contractor!), and the surety is the bonding party that assures the obligee that the principal is capable of performing the task (like suretybonds.pro). Through a surety bond, the surety agrees to uphold the promises made by the principal if the principal fails to uphold its promises to the obligee. The contract is formed to encourage the obligee to contract with the principal, i.e., to reinforce the credibility of the principal and guarantee performance and completion according to the terms of the agreement. Surety bond is a generic name for all bonds.
◊ A Bid Bond is issued as part of a bidding process by the surety (suretybonds.pro) to the project owner (or obligee), to guarantee that the winning bidder will uphold their contract. The cash deposit is subject to full or partial forfeiture if the winning contractor fails to either execute the contract or provide the required performance and/or payment bonds. The bid bond assures and guarantees that should the bidder be successful, the bidder will execute the contract and provide the required surety bonds.
◊ A Payment Bond guarantees that a contractor will pay fees owed for labor and materials necessary for construction of a project. Payment bonds are typically issued with a 'performance and payment bond,' where the performance aspect guarantees satisfactory completion of a project alongside the payment bond.
◊ A Mortgage Bond is a bond backed by a pool of mortgages on a real estate asset such as a house. More specifically bonds which are secured by the pledge of collateral are called mortgage bonds. When a mortgage bond is purchased an investor buys a bond from a financial institution. The financial institution then promises to give the money back years from that day with interest added to the initial value.
◊ A Performance Bond is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. A performance bond is often issued alongside a payment bond to insure a contractor will pay for labor and materials needed for the project.
The benefits of Bonding with our agency and surety companies are:
◊ In order to facilitate and expedite the bonding process, our agency is licensed and appointed with over twenty different surety companies. Once a bond has been approved, we can issue the bond in our office and send it to you immediately, upon receipt of any final items needed, as we possess powers-of-attorney.
◊ A surety company's credit is usually secured with signatures from the owners and spouses on an indemnity agreement, and thus does not usually lien specific assets.
◊ We have the most aggressive surety companies in the market, typically with A.M Best Ratings of "A" or higher and are U.S. Treasury listed. We procure the most competitive rates in the business.
◊ Our Agency is designed to best assist, develop, and pre-qualify our clients through our surety underwriting methods, prior to submitting to one of our many surety companies, maximizing qualified bond amounts and programs.
◊ In the event a claim is filed on a bond, the Surety Company will typically investigate the claim prior to potentially paying and further obligating your company, as would typically be the case with a bank letter-of-credit (demand instrument), sureties not being forced to pay a frivolous or non-meritorious claim.
