The Basics of Bonding: Part 1
Construction Business Owner
JUNE 7, 2017
Surety bonds were created to protect owners, taxpayers, subcontractors and suppliers from performance and payment risk during the construction phase of a project. Sureties use the underwriting process to determine which contractors are capable of completing a contract. Whether the contractor can afford the financial risks is merely one inquiry. Whether the contractor has quality staff and expertise to support the construction is a further inquiry.
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