ALL YOU NEED TO KNOW ABOUT SURETY BONDS
Surety Bond also known as Surety Bonding is a type bond that is required by businesses such as construction companies in Canada. We provide surety bonds across Canada and our focus is to provide the most adequate bonds for your business at exceptional rates. We have access to every major surety company in Canada and being in business for over 30 years has allowed us to build relationships that not only gives us special rates, but also fast turn around times. We create custom tailored bonding packages for each client and strive to provide an easy and hassle free service. Once you contact SuretyKings for your Surety Bond needs, all you need to do is sit back and let our bonding specialists do the work. We go to multiple insurance companies/surety companies and negotiate deals on your behalf. Instead of making our clients resort to a single quote, we make the insurance companies compete for your business. Once you knock on our door, all you need to do is provide us the initial details about your project, and then just simply sit back and approve the numbers.
Over the years, we have attained enough information and experience to know exactly which insurance/surety company to approach and which product will suit your business. We understand that time is key and you may need bonds in hand within a matter of hours. This is where we add value, once you have setup a surety facility(this takes a few hours provided we have all the required documents from you) through SuretyKings, Issuing a Surety Bond is simple, easy, and FAST. We deal directly with underwriters, no time wasted, no need to wait days for an answer. So what are you waiting for? If there is a bond that will take your business to the next level, we can provide it. Begin now by completing the form above, by contacting us, or by reading the detailed guide on surety bonds below.
As a construction contractor, a lot of responsibility rests on your shoulders. Although it is possible to lower the risk for accidents and damages with extensive training, it is nearly impossible to completely eradicate the potential for a mistake or foresee an unfortunate event which may lead to you not being able to complete or 'default' a project. With this in mind, contractors need to go above and beyond to protect their company's future, business and employees by getting an adequate surety bond also known as surety bond insurance. The good news is that you've come to the right place. At SuretyKings, you will be able to obtain the Surety bonding needed to bid on jobs while protecting your company from loss and damages. We are one of Canada's largest surety bond brokers. Below, you will learn about the bonds every contractor should consider obtaining.
As a contractor, it is your duty to complete the construction project in a satisfactory manner. A contract bonds can be immensely helpful in this regard. Although these bonds are suitable for general contractors, they also work to protect specialty contractors, suppliers, builders, and manufacturers. Here at SuretyKings, you will be able to obtain the contract bond, which will guarantee that the contract is fulfilled in a satisfactory manner. Regardless of the size or scope of the project, our company will be able to provide you with the Surety Bond Canada that suits your business needs.
When making contact with our surety bond company, you will most certainly want to ask about our performance bonds. These bonds are frequently referred to as contract bonds and they do work in an identical manner. A contractor will have a much better opportunity obtaining the job, if they're willing to offer a performance bond to the client. In some cases, the client may require the presence of the bond. Either way, our company will be able to provide you with the bonds needed to protect your business and the client!
Contractors, within Canada, may be required to obtain a license bond, before they'll be allowed to conduct business, within their providence. The requirements vary from one location to another, so checking with your providence's laws is a necessity. The license bond confirms that your business will obey all statutes, laws and regulations, which apply to your business. Our company has been in business for over 30 years and we'll be able to help you obtain the license bonds required by the local laws in your area.
One of the most integral contractor bonds of all is the bid bond. It is nearly impossible for your business to obtain jobs and begin generating revenue, without obtaining a bid bond. In most cases, a bid bond will be required, before you'll even be allowed to submit your bid. This bond helps to ensure that your company will follow through with the contract, as it was specifically agreed upon, before the bid was placed. Your cash deposit could potentially be forfeited, if you fail to live up to your end of the bargain and vice versa.
When attempting to obtain the appropriate surety bond insurance, you should never overlook the payment bond. This type of bond is immensely important for all contractors and suppliers involved in the project. It provides all subcontractors and material suppliers with added peace of mind. Of course, these bonds may be required under specific circumstances. Payment bonds are frequently utilized together with performance bonds. This bond can provide you with a little leverage, when negotiating your construction contract. Don't worry, if you're not sure precisely what is needed. Our company will be able to help you out every step of the way.
Although maintenance bonds are not always a necessity, some clients will prefer to have one for added reassurance. The maintenance bond helps to guarantee that the contractor will follow through with the guaranteed maintenance or warranty, which was initially set out in the initially contract. The bonds can help to ensure that your company obtains the rights to the project, so they're well worth investing in. Don't worry, because our company will be able to help you obtain the best bonds for your individualistic situation.
A construction bond is set in place to protect clients and project owners from financial loss. While this type of bond is not required for all jobs, some provinces may require the contractor to be bonded, before a license is issued. Customers would be wise to only seek the services of a bonded construction company, since there are always risks with this type of business.
Once the contract is signed and dated by all parties involved, it becomes a legal document, which is binding in the court of law.
Our construction bond company offers services to contractors, project owners, and clients involved in a business deal with a contractor. Not only are bond companies responsible for making sure that the construction company follows through with the contract's terms, but they will also oversee claims that are filed by the client.
In the past, many bond companies used lenient underwriting practices to devise bonds of contractors, which left loopholes that put the client at risk of financial loss. In order for all parties involved in the contract to protect themselves completely, it is wise to take the time to do thorough research on bond companies in your vicinity.
The bond company should take a conservative stance to all the underwriting practices. All parties should be present during the entire process, just so they can negotiate the terms of the contract. Never sign the contract until you are completely satisfied with the written content.
Getting Started Now
Now that you've learned about the importance of construction bond insurance and surety bonds, it is time to get covered. SuretyKings has been in the business for over 30 years and our surety bond brokers are experts that have more experience and expertise than anyone else! Over the years, we have bonded contractors throughout the country of Canada and our reputation has remained unblemished. Whether you're looking for a simple bid bond or you need a comprehensive performance bond, you've come to the right place for surety bonds Canada. Be sure to contact us immediately, so we can work to provide you with the peace of mind that you deserve.