Leveraging Your Construction Business through the Right Surety Bonds

NEEDHAM, Mass. - Feb. 4, 2016 - PRLog -- All Federal construction and most state and municipal contracts upwards of $150,000 require a surety bond during the bidding process or conditional to the award of the contract. Many other service contracts, and some supply contracts may also require surety bonds.

With the national GDP recording a 2 % growth in 2015, the economic outlook for the construction sector is still better than what the rest of the world faces at the moment. Mortgage rates continue to be low and the housing market has shown positive trends.

The focus of construction firms should be to deliver more effective results while lowering operational costs and increasing asset efficiency. Loan and other regulatory requirements are likely to be demanding.

There a number of different types of surety bonds that a construction firm would require. These are:

   Bid Bonds: These bonds are required to ensure only serious and genuine candiates bid for a development contract.

   Performance and Payment Bonds: These bonds guarantee satisfactory completion of the project and salary and charge payments to suppliers and workers employed by you.

   Subdivision Bonds: Meant to ensure site improvements which can be conditional to the award of the contract for subdivision development.

   License and Permit Bonds: These bonds act as a surety that the party seeking the license or permit shall comply with the licensing regulations and are required for projects awarded by municipalities etc.

   Lien Bonds: When a construction mechanic is denied payment for services by the obligee, this kind of bond provides a claim on the owner’s property.

   A variety of other bonds and solutions!

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About The Company - Surety Bond Professionals is a leading and specialist provider of surety bonding services dedicated to the idea of helping companies with the bonding process and raising the roof on surety credit, bond capacity and business potential. The team consists of vastly seasoned veterans who understand exactly what their clients need even before they do and deliver results.

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