Contractor Bid and Performance Bonds
There are several different bonding programs for contractors that need Performance Bonds, Bid Bonds, and Payment Bonds. If you currently don’t have a contract but wish to be considered for a future job, get one immediately! It is important to note that Bid bonds, payment bonds, and performance bonds depend on a specific contract. If you are looking for a permit bond or contractor license bond, this is not the page to make the application check out https://bondsexpress.com/performance-bonds/ to see what they offer.
Preferred Credit Approval
In case you have an approved individual credit and have bonding needs that require less than $350,000 per task, then the application process is fast and won’t require any financial statements. If you meet the credit requirements and contract size, your performance bond and the bid can be approved in one business day.
Good Credit Approval
If you have good business credit or personal credit and have a need of less than $300,000 per task, there is a short and quick application procedure that needs no financial statements. It could be the answer to your bonding needs! Similarly, if you meet the credit requirements and contract size, your performance bond and bid can be approved in two business days.
Bad Credit Approval
If your business and personal credit are challenged and require a performance bond line, you are lucky! There is a specially designed program for contractors with no prior bonding experience, low net worth, or bad credit. The program has many advantages, like saving on cost and guaranteed dispersal of draw funds within three days. It is a program meant for contractors that charge a minimum of $100,000 and a maximum of $10 million per job. Your approval depends on your previous dealings as a contractor but not the credit score! You need to know that this program has expanded and now available in every state apart from Wyoming and Alaska.
Hazardous Bonds or Small Bond Penalties
If your performance needs haven’t been met by the standard surety options (mine reclamation, small contract amounts or asbestos abatement), or you have had your bid rejected by other Sureties, and you’ve no other choice, this performance bond app will help you meet your needs provided you provide an Irrevocable Letter of Credit. This should not be less than 25% of the total contract amount. If you any questions regarding the app, get in touch with us!
Standard Credit Approval
Contractor Bid and Performance Bonds needs don’t fit the requirements of special bonding programs, go for another program that works with any amount of credit. To get this program approved, several factors are considered. However, the program is still available to almost everyone that needs it. If your financials and credit are right, then you can access excellent rates of bid and performance bonds through this program. It is and safe to use. Furthermore, the program will save you the extra cost associated with standard credit approval.