New York Licensed Company for Performance Bonds Increases Contractors' Revenue

by PRC Agency PR

Be in the construction business long enough, and you will know the pain of chasing after a runaway contractor who left you with angry laborers and a half-finished project. Never again! As the project owner, require your contractor to secure performance and payment bonds with Surety Bond Professionals.

The surety bonding agency offers an online application for all types of construction contractors, including those working on government projects. Accredited by the Better Business Bureau, Surety Bond Professionals requires minimum paperwork and offers fast turnaround times, making it one of the most reliable surety bonding agencies in New York.

Check them out today by visiting https://www.suretybondprofessionals.com

Securing performance bonds helps both the contractor and the project owner because it holds both parties responsible for the swift completion of the project. According to Surety Bond Professionals, performance and payment bonds, also called P&P bonds, are often used for private and public projects to ensure that the work will be completed on time and that the contractor will pay all of their contractual obligations within the grace period.

While performance and payment bonds are almost always used together, Surety Bond Professionals explains that the two serve different purposes. A payment bond guarantees the contractor will pay all the laborers, suppliers, and service companies needed to complete the project. This protects the project owner from being saddled with unpaid salaries and service fees should the contractor decide to back out in the middle of the project.

Performance bonds, which can be secured with a surety bonding agency, like Surety Bond Professionals, to ensure that the project will be completed and that it is to the standard agreed upon in the contract. It protects the owner from unsatisfactory work or delays in the building schedule. If the contractor does not meet the contractual agreement, the owner can present the performance bond to the bank or company that issued it and receive their claim. The surety bonding company, in turn, will be responsible for seeking reimbursement from the contractor. This way, owners are not subject to the hassle of suing the contractor themselves.

Since the surety bonding company takes on a lot of the risk, they do extensive background checks to minimize it. A company representative said: “Before approving a P&P Bond, the surety company ensures that they check the applicant’s character, history of contract performances, necessary equipment, financial strength, history of paying subcontractors and suppliers on time, bank relationships, and an established line of credit. These factors go into the underwriting process and affect the single/aggregate program considerations."

Give yourself some peace of mind with Surety Bond Professionals! They are quick to respond and require only the most essential documents with their streamlined application processes. No endless back and forth like other New York surety bonding agencies!

Visit https://www.suretybondprofessionals.com to request a quote!

Surety Bond Professionals, Inc. 205 Union Street, Natick, MA 01760, United States Website https://www.suretybondprofessionals.com/ Phone +1-781-559-0568

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Created on Jan 19th 2023 04:41. Viewed 78 times.

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