Gets Work Going
For over 20 years, VANTREO has been providing Surety Bonds to contractors. Helping facilitate agreements so jobs get done, and done right. Whether it’s a Bid, Performance, or Payment Bond you need, our experts have you covered. Discover the benefit of smarter insurance.
What does it cover?
Contract bonds guarantee the faithful performance of a written contract. Contractors may provide several types of bonds to their customers:
Bid Bond (A Proposal Bond) - This bond is filed with the contractor’s bid to perform the work. It guarantees that, if the contractor is awarded the job, the contractor will accept the job as bid and provide the required Performance and Payment Bonds.
Performance Bond – This bond is filed with the owner of the project at the time the contract is signed. It helps guarantee that the job will be completed according to the plans and specifications drawn by the owner or his/her architect or engineer. It also helps guarantee that the job will be completed in accordance with the agreed price and time period.
Payment Bond – This bond helps guarantee that the job will be completed free and clear of all liens from labor and suppliers. Fundamentally, it is provided to the project owner for the use and benefit of all labor and material suppliers, guaranteeing payment for services and supplies used in the job.
Is it required?
These Bonds are required in connection with nearly all construction work using public money (federal, state, county and municipal) as well as many construction contracts funded by private funds. Contract bonds are also required in connection with the furnishing of supplies to public entities. The project owner has the right to require any form of bond he/she deems necessary and often provides the bond forms in the specifications for the job.
The VANTREO team has provided insurance and surety bonds for contractors for over 20 years. Our surety team includes a past surety bond manager of one of the largest surety companies in the world and past president of a statewide professional surety association . Our bond expertise includes: all miscellaneous bonds (license, permit, utility, etc.), court and judicial bonds and all lines of contract surety bonds.
Discover the VANTREO difference.