Building, Mechanical & Electrical Contractor Bond
What is a Building, Mechanical & Electrical Contractor Bond?
A Building, Mechanical, and Electrical Contractor bond is designed to protect cities, states, and individuals who are harmed as a result of the principal’s noncompliance from financial loss up to the full amount of the bond. The principal must reimburse the surety for all damages paid out. In some municipalities, it is required in order to perform duties for a local or state government. The bond ensures that the contractor will abide by all local and state ordinances. If a contractor fails to execute his or her duties as agreed, they are liable to pay restitution. Contractors who are backed by a bond are preferable to many municipalities.
Purchasing Your Building, Mechanical & Electrical Contractor Bond
1. Click the Buy Now button.
2. Fill out the easy bond form.
3. Confirm your order and select how you would like your bond documents delivered. Email or regular mail.
4. Pay for your bond.
5. If you chose to have your documents emailed, you will receive them within minutes.
It’s that simple and fast!
Pricing & Terms
Surety bond costs are a percentage of the full bond amount, which is usually determined by your personal credit. Providing industry experience, strong personal credit, and business/personal financials will help lower your bond rate. Reach out for a quote today.
Bond Purchase Process
1. Find Your Bond
2. Secure Pricing
3. Buy Online
Frequently Asked Questions
You must fulfill the terms of the bond obligations, which vary immensely depending on bond type. Where you obtain your surety bond is important when it comes to understanding claims and avoiding them entirely. If you have any questions about what your bond does or doesn’t guarantee, reach out to our experts to help guide you along the way.
It’s a legally binding contract that you must sign to obtain a surety bond. The agreement guarantees that if you cause bond claims you will pay them in full.
For the most part, yes. Bad credit can increase rates for license and permit bonds and most can also get approved for fidelity bonds regardless of credit. For contract bonds, larger contractors with poor credit can be approved with strong CPA-prepared business financials.
Looking to Get Started or Have Questions?
The bonding process can be confusing and cumbersome. Our surety bond experts are standing by and ready to answer any questions. Let’s get you bonded today!