Commercial Bonds: Building Trust & Securing Success

It may be more challenging and expensive, but some sureties offer bonds to businesses with less-than-perfect credit.

Costs are influenced by the bond amount, type, your business's financial strength, credit score, and industry experience.

A bid bond assures the project owner that you will honor your bid and provide performance and payment bonds if awarded the contract.

It can range from a few days to a few weeks, depending on the bond type and underwriting requirements.

Some bonds may offer a partial refund upon cancellation, but terms vary by surety and bond type.

It's a bond required by government agencies as a condition for obtaining a license or permit, ensuring compliance with laws and regulations.

Yes, being bonded can enhance your reputation, demonstrating financial stability and reliability to clients.

A maintenance bond guarantees that workmanship and materials will meet contract standards for a specified period after project completion.

For contract bonds like performance bonds, yes. Each project typically requires its own bond.

Bond premiums are generally considered a business expense and may be tax-deductible. Consult a tax professional for advice.