What is a Parkway Contractor’s Bond?
With the vibrant city of Fort Worth, Texas, comes a unique bond requirement for contractors working within the city’s right-of-way limits, specific to parkways. That requirement is to obtain a city of Fort Worth Parkway Contractor’s Bond to guarantee the completion of their paved beautification projects. This financial guarantee assures the city and its citizens that the contractor will fulfill all contractual obligations and keep local roadways safe by using up-to-date materials, emissions standards, and other regulatory codes. The bond also serves to ensure that any damages or changes made in accordance with roadway improvements are paid directly by the contractor — not the taxpayers! With this type of insurance, both Fort Worth and its contractors can support safe and reliable construction throughout its growing neighborhoods.
What Is a Contractor Bond?
A contractor bond is a surety bond required by many state and local government entities to protect public funds from unauthorized or illegal use by contractors. Essentially, a contractor bond guarantees that a contractor will fulfill all contract obligations and protects consumers from financial loss in the event of any breaches, non-compliance, or other malfeasance. The surety company indemnifies the obligee (usually a government entity) up to the full penal sum of the bond in cases where the principal fails to comply with the terms of their contract. All costs associated with defending against a claim are borne by the surety company should a claim arise. In other words, contractor bonds serve as an important layer of protection for contractors, consumers, and government agencies alike!
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
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Frequently Asked Questions
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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!