Protecting your project’s contracts
Construction projects can be complex, often requiring dozens of contractors and vendors to complete them. Construction companies expect a guarantee for the completion of each contractor’s obligations and in some cases may require a surety bond for added financial protection.
The three main surety bonds frequently used in the construction industry are:
- Bid Bonds
- Performance Bonds
- Payment Bonds
Each of these bonds establishes a legal obligation between contractors, owners, and the surety which can be challenging to understand.
What sets us apart?
At Risk Strategies, our surety experts have extensive experience helping construction companies, including general contractors, subcontractors, suppliers, and developers, with key surety-related risks and liabilities, including:
- Access to sufficient surety credit to bid and perform work
- Project unknowns such as contracts, permits, people, equipment, weather, local codes, and geological quirks
- Excessive corporate and personal risk prohibiting bond procurement
- Effectively managing subcontractor risks
- The complexity of the surety bond marketplace
We’ll collaborate with our surety partners to maximize your surety credit and plan for the unknown. In addition, we will help decrease your risk by better understanding the surety relationship, anticipating needs, and offering programs with market-competitive terms and conditions.