Southwest Bonding and Insurance has been helping people obtain bonds for over 20 years. We have a variety of companies to help you with all your bonding needs. We are extremely competitive in this market and have saved many thousands of dollars on their bonds. We strive to obtain the highest limits for bonding lines of credit for our contractors at an affordable rate. We establish and service all commercial-related bonds, and quickly issue Notary, Title and other Miscellaneous Bonds while you wait. We truly are one stop shopping for all of your bonding and insurance needs.
Southwest Bonding and Insurance has a dedicated team that specializes in Contract Bonding with access to the most competitive and respected A-Rated sureties in the U.S. We specialize in building bond programs for our clients that include Standard and SBA guaranteed surety options.
is a surety bond posted by the contractor to guarantee that its subcontractors, material suppliers and laborers will be paid. They are required in contracts over $35,000 with the Federal Government and must be 100% of the contract value. These bonds are often required in conjunction with performance bonds.
A performance bond (also known as a contract bond) is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor, even if the contractor fails to complete the job this bond will guarantee completion of the project. These bonds depending on size can use a multitude of qualifying factors ranging from credit score to personal and business financials. These bonds are a 3 party contract and will contain indemnification to secure the said contract.
Contractor License Bonds
The purpose of a Contractor License Bond is to protect the public from unsatisfactory performance and workmanship. While the types of license bonds can vary by state and municipality they serve the same purpose and are usually a requirement to obtain a license. To keep a license active, the contractor, must maintain an active license bond. These records are public and can be reviewed by anyone who has interest in viewing the contractor status. In the event the contractor does faulty work, a client may put a claim against the license bond to insure the matter is addressed or corrected by the contractor. The contractor is obligated to pay any claims against the bonds as these contracts are indemnification contracts.