The Act covers all public work contracts $100,000 and above. These bonds are also required for private sector that necessitate the use of general contractors for their company’s operations. Jobs that require payment and performance bonds go through job or project bidding first. As soon as the job or project is awarded to the winning bidder, payment and performance bonds are provided as a guarantee for the completion of the project.
Application: Call underwriter for appropriate application at 1-818-715-7133
Guarantee of funds, this new bond covers the money that a homeowner advances to the contractor in accordance with their written agreement and helps contractors make homeowners feel more secure when advancing monies.
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