Swiftbonds Now Offering Performance Bonds In Connecticut
Swiftbonds announces it is offering performance bonds in Connecticut for its clients. The company is a leading provider of surety bonds for the construction industry in the US and is licensed in all fifty states. Swiftbonds is a surety brokerage and is familiar with the construction industry in Connecticut and offers contractors and businesses all ranges of performance bonds as well as other types of surety.
How Connecticut Performance Bonds Work
Performance Bonds are referred to as a three-party agreement between the principal, the obliged and the surety company. The principal is the employer or company that will carry out the work detailed in the contract and the obliged, or obligee, is referred to as the project owner. Construction companies in Connecticut will almost always be required by law to get performance bonds when they are chosen for a public project. The government entity (federal, state or municipality) requires a construction company to get a host of bonds before they start work on a particular project. The bond will guarantee that the subcontractors and other workers would be paid even if the contractor defaults. The contractor covers the losses, but once they reach their limit, the duty will fall to the surety company.
Swiftbonds works with performance bond underwriters in Connecticut, as well as the bigger, national surety underwriting companies. It should be noted that all city/state public works projects and private projects need to have contract performance bonds. The first step for getting such a bond is the bid bond, which is usually 5 to 10 percent of the project. Swiftbonds is capable of working within time constraints to have the bonds issued as fast as possible in order for contractors to be able to win and accept projects.
If the bid on a contract is won, a performance bond is provided to guarantee that a project will be completed according to the specifications and plans. In the event that the project is not completed or if it has been determined as being unacceptable, it is the performance bond that will allow the surety company to hire a contractor to complete the project properly or settle for damages. Performance bonds can protect both the project and the contractor. When there is a performance bond, the client can file claim on the bond in case the contractor failed to finish the project. If the contractor is unable to complete the project because of financial losses or bankruptcy, the company that issued the surety bond pays the client for any losses.
Other Types Of Surety Bonds Available In Connecticut
Swiftbonds can also help with other bonds in Connecticut, such as the payment bond and the SBA bond. Payment bonds are used to guarantee that unpaid bills will be paid up to the bond amount. This is needed for public projects amounting to more than $25,000. The SBA bond can help contractors who have a difficult time getting a performance bond or a bid bond.
Gary Eastman, managing director and senior bond specialist of Swiftbonds said: "We are pleased to be offering this performance bond service to our clients in Connecticut. State licensing and regulations differ and we are now fully compliant and licensed within the state."
Swiftbonds is committed to offering a personalized approach when creating policies for its clients. Those who want to know more about the services available from Swiftbonds can visit the company website here: https://swiftbonds.com/performance-bond/connecticut/