SAGINAW MICHIGAN PERFORMANCE BONDS INFORMATION, QUOTES and SERVICES

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Saginaw Michigan Construction Contract Surety Bonds Frequently Asked Questions (FAQs)

 

Top Rated Michigan Surety Bond Services Company Provides Questions and Answers on Performance Bonds, Payment Bonds, Bid Bonds, Grading Bonds, Subcontractor Bonds and All Other Contract Bonds.

 

What Is A Michigan Construction Contract Surety Bond?

 

A Surety Bond is a written agreement under which one party, called the surety, obligates itself to a second party, called the obligee, to answer for the default of a third party, called the principal.

 

What is Suretyship?

 

Suretyship is an obligation to pay the debts of, or answer for, the default of another.

 

What is Contract Suretyship?

 

In the form of bid, performance, and payment bonds contract suretyship provides specific benefits to project owners, contractors, laborers, subcontractors, and suppliers.

Most surety contract bonds are written on public works projects which include federal, state and local construciton works.

 

What Are The Benefits Of A Saginaw, Michigan Contract Surety Bond?

 

Contractors benefit greatly from a prequalified corporate surety. Even if a public entity will accept alternate security for the bid process, the contractor awarded the job is almost always required to post performance and payment bonds from a corporate surety.

Surety credit often enhances a contractor's competitive position in private work because the contractor can offer project owners and lenders the assurance that its capacity to perform has been carefully reviewed.

 

Saginaw, Michigan Bid Bonds -- What is a Bid Bond?

 

Bid Bonds provide financial assurance that the contractor submitting a bid, if awarded the construction contract, will enter into a formal contract with the owner and will post performance and payment bonds.

 

When is a Saginaw, Michigan Bid Bond Required?

 

Most public works, and many private ones, will require bid bonds on the date of the bid.

 

Saginaw, Michigan Performance and Payment Surety Bonds
What is a Performance Surety Bond?

 

Performance bonds guarantee that the contractor will fulfill all terms and conditions of the construction contract.

 

Saginaw, Michigan Payment Bonds
What is a Payment Bond?

 

Payment bonds guarantee that the contractor will pay labor and material bills associated with the contract. Laborers, subcontractors and material suppliers receive financial assurance with a payment bond. Payment surety bonds are sometimes called Material Labor Bonds.

 

When are Saginaw, Michigan Performance Bonds and Saginaw, Michigan Payment Bond Required?

 

Performance Bonds and Payment Bonds (aka Final Bonds) typically need to be issued within 10 days of the award date or prior to any contract payment.

 

Why Choose White Lion Bonding & Insurance Service

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Quick & free quotes – within 24 hours!

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The most competitive rates in the industry

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Ability to place bonds in all 50 states

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Power of Attorney for all our surety companies

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Issue bonds directly from our office

Saginaw Michigan Performance Bonds information, news, quotes

 We provide all Michigan construction contract performance surety bonds including;

Bid, payment, performance, subcontractor, payment, grading, site improvement and material labor bonds


White Lion Bonding founders have developed unique and simplified bond analysis and processing programs to streamline the process of getting clients the best prices on the right bonds for their project. 
 

Call Us (949) 258-9800

 

GET THE RIGHT SAGINAW MICHIGAN PERFORMANCE BONDS FOR YOUR CONSTRUCTION PROJECTS

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    Get your free performance and payment bond quote now by completing the form below. Don't like to fill out forms? Call 949-258-9800 to talk with a live bond specialist now.

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