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Performance and Payment Bonds
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There are many different types of contractual obligations that require performance and payment bonds. The most common being the traditional construction process where a general contractor agrees to undertake a project such as a building, highway, utility line, etc. and the subcontractor trades work under the GC. However, this procurement process is ever changing. We now see owners breaking down major projects into numerous bid packages with a bonding requirement for each trade. The federal government is now awarding construction work under master contracts that may extend multiple years where bonding is required in increments throughout the term of the contract.Most popular related searches
When you step back and consider all of the contract scenarios where performance and payment bonds are required, the possibilities are unlimited. This is particularly true when dealing with government agencies. Private industry is following suit and is requiring performance and payment bonds more often.
Bonding is too important to be left to chance. It’s imperative to deal with a qualified representative. Build confidence with a Smith Manus surety program.